Ethher (ETH), the native token of Ethereum blockchain who turned 10, had his best July performance in three years.
The second largest cryptocurrency rose more than 50% in July, reaching a maximum of $ 3,940 before relieving below $ 3,800 for the end of the month.
The last time ETH increased both in a single month was in July 2022, bouncing from the depths of the cryptographic accident marked by high-Luna high profile implosions, three capital and Celsius arrows.
This time, the rally has a different driver with money that is coming from capital markets.
The funds (ETF) quoted in the stock exchange (ETF) quoted in the United States absorbed $ 5.4 billion net tickets during the month, their strongest streak since the products debuted last year, as shown by Sosovalue’s data.
Corporate balances are also following their example. As part of the frenzy of the Treasury of Digital Assets, public companies have engulfed $ 6.2 billion in ETH, according to the data collected by Cex.io. Bitmine de Tom Lee and Sharplink of Joseph Lubin are the two most notable players, but the last participants, such as Ethzilla and Ether Machine, have already raised large sums of capital of institutions to deploy for asset purchases.
The price action came hand in hand with a positive narrative change, positioning ETH as a key proxy for the rumbing stable and tokenization market.
With the new US rules for Stablecoins under the Genius and Ethereum law that organize more than half of the $ 250 billion Stablcoin supply, that clarity could consolidate its role as the backbone of the dollar damaged tokens.
As for the price, ETH currently faces resistance to $ 4,000, where multiple attempts to break the highest failed last year. The encryption market is also entering a historically quiet phase, which could see that the rally cools in a consolidation phase.
Even so, ETH could have some “juice in the tank” to overcome the $ 4,700 as part of his current career, said the well -of -row cryptographic inverter, Bob Loukas, in an X post.
Read more: Ethereum could win the war, but lose the prize
