Ether, a ‘90s Tech Stock, Ends July with Biggest Gain in 3 Years

Ether surged 56% in July, marking its strongest monthly gain since July 2022. This rally is attributed to strong inflows into spot Ether exchange-traded funds (ETFs) and significant buying by ETH treasury firms. ETH is currently trading around $3,862, a substantial increase from its July 1 opening price of $2,468, according to CoinGecko. This is the first time in three years that Ether has delivered a monthly return of 50% or more, matching the 56.62% surge seen in July 2022, as reported by CoinGlass.

Chart highlighting ETH’s monthly returns since March 2016. Source: CoinGlass

ETF Inflows Drive Ether’s Rally

Eric Balchunas, Bloomberg’s Senior ETF Analyst, credited Ether’s price performance to persistent net inflows into spot Ether ETFs. He described Ether as starting to resemble a “’90s tech stock” due to accelerating adoption and network growth, distinguishing it from Bitcoin’s “new gold” narrative.

“Ether Starting to Look Like ’90s Tech Stock as ETFs Catch Fire,” Balchunas wrote on X.

Record ETF Inflow Streak

Spot Ether ETFs have experienced a 19-day streak of net inflows in July, tying their longest such streak ever. From July 3 to July 30, these funds attracted over $5.37 billion in investments. The largest single-day net inflow occurred on July 16, with nearly $727 million poured into Ether ETFs. BlackRock’s iShares Ethereum ETF recently became the third-fastest ETF to reach $10 billion in assets, achieving this milestone in just 251 days. In a notable trend, Ether ETFs have outpaced Bitcoin ETFs in net inflows for six consecutive days in July.

Ethereum Network Activity Lags Behind Price Gains

Despite the price rally, some analysts express concern about Ethereum’s underlying network activity. Markus Thielen, CEO of 10x Research, noted that Ethereum’s revenue generation remains low and has not increased meaningfully over the past six months. Network activity rose only 5% and revenues increased by just 3% in the last month. Thielen also pointed out that 90% of recent price action has originated from the Asian time zone. He contrasted the current state with November 2021, when Ethereum generated $1.5 billion in monthly revenue on a $300 billion market cap, implying a 6% annual yield attractive to institutional investors. Today, Ethereum’s market capitalization stands at $466 billion, but its annual revenue is only $764 million, according to Token Terminal.

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Source: Cointelegraph | Published on Thu, 31 Jul 2025

Frequently Asked Questions (FAQ)

Ether's Market Performance

Q: What drove Ether's significant gain in July? A: Ether's 56% surge in July was primarily driven by strong inflows into spot Ether ETFs and substantial buying activity from ETH treasury firms. Q: How does Ether's July performance compare to previous periods? A: This was Ether's strongest monthly gain in three years, matching the 56.62% surge seen in July 2022. Q: What is the current trading price of Ether? A: As of the report, Ether was trading around $3,862, up from its July 1st opening price of $2,468.

ETF Impact on Ether

Q: Which factor is most credited for Ether's price rally? A: Bloomberg's Senior ETF Analyst, Eric Balchunas, attributes Ether's price performance to persistent net inflows into spot Ether ETFs. Q: How long has the streak of net inflows for spot Ether ETFs been? A: Spot Ether ETFs experienced a 19-day streak of net inflows in July, which is their longest streak on record. Q: How much capital did Ether ETFs attract in July? A: From July 3 to July 30, spot Ether ETFs attracted over $5.37 billion in investments. Q: Which Ether ETF recently achieved a significant asset milestone? A: BlackRock's iShares Ethereum ETF became the third-fastest ETF to reach $10 billion in assets, achieving this in 251 days.

Network Activity vs. Price

Q: What concerns have been raised regarding Ethereum's network activity despite its price surge? A: Analysts like Markus Thielen from 10x Research have pointed out that Ethereum's revenue generation remains low and has not seen significant increases over the past six months. Q: What are the recent statistics for Ethereum's network activity and revenue? A: Network activity reportedly rose by only 5%, and revenues increased by just 3% in the last month. Q: What is the revenue generation of Ethereum compared to its market capitalization? A: As of the report, Ethereum's market capitalization was $466 billion, with an annual revenue of $764 million. This contrasts with November 2021, when it generated $1.5 billion in monthly revenue on a $300 billion market cap.

Crypto Market AI's Take

The substantial rally in Ether's price during July, largely driven by positive sentiment surrounding spot Ether ETFs and increased institutional interest, highlights the growing maturity of the Ethereum ecosystem. While the price action is a strong indicator of market demand, it's crucial to balance this with an assessment of underlying network fundamentals. At Crypto Market AI, we provide advanced analytics that can help investors monitor both price movements and network health. For instance, our AI-powered tools can help identify trends in transaction volumes, developer activity, and network fees, offering a more holistic view of an asset's value proposition. Understanding these dynamics is key to making informed investment decisions in the ever-evolving crypto landscape.

Ether, a ‘90s tech stock’ ends July with biggest gain in 3 years