Ethereum, the largest monthly rise since 2022 - Supported by ETFs and corporate financial strategies | CoinDesk JAPAN

• ETH experienced a surge of over 50% in July, marking its best performance in the past three years.
• The US-listed ETH spot ETF recorded a net inflow of $5.4 billion (approximately 815 billion yen, based on an exchange rate of 151 yen to the dollar), and the holdings of listed companies in ETH increased to $6.2 billion (approximately 936 billion yen), driving the price rise.
• Under the new regulations in the United States regarding the stablecoin sector, Ethereum is being marketed as a key infrastructure of this vibrant market, and the narrative around Ethereum has become more compelling.

The native token of the Ethereum (Ethereum) blockchain, which is celebrating its 10th anniversary, recorded its best performance in the past three years in July.

The second largest cryptocurrency by market capitalization, ETH, experienced a rise of over 50% in July, reaching a peak of $3940, before dropping below $3800 towards the end of the month.

The fact that ETH has risen this much over the course of a month is since its recovery from the bottom of the cryptocurrency crash triggered by the collapse of major companies such as Terra-Luna, Three Arrows Capital, and Celsius in July 2022.

[Monthly Returns of Ethereum (CoinGlass)]This rise is driven by another force of capital inflows from the capital markets.

According to SoSoValue data, the ETH spot ETF (Exchange-Traded Fund) listed in the United States recorded a net inflow of $5.4 billion (approximately 815 billion yen) throughout July, marking the best performance since the product was listed last year.

Corporate balance sheets are following suit. According to data collected by CEX.io, amid the frenzy of digital asset treasuries, publicly listed companies have amassed ETH worth $6.2 billion (approximately 936 billion yen). While Tom Lee's Bitmine and Joseph Lubin's SharpLink Gaming are the most notable players, new entrants like ETHZilla and Ether Machine have also raised substantial funds from institutional investors to allocate for asset purchases.

This price fluctuation occurred alongside a positive narrative shift that positions ETH as an important alternative currency in the thriving stablecoin and tokenized markets.

The clarification of the new U.S. regulations on stablecoins under the "Genius Act" and the fact that more than half of the $250 billion (approximately ¥37.75 trillion) supply of stablecoins exists on Ethereum could solidify Ethereum's role as the foundation for dollar-pegged tokens.

In terms of price, ETH is currently facing resistance at $4000, having attempted to break this level multiple times last year but ultimately failing. The cryptocurrency market is historically entering a quiet phase, and there is a possibility that the rise may slow down during the adjustment phase.

Nevertheless, Bob Loukas, a cryptocurrency investor with many followers, stated in a post on X that ETH may have the "room" to rise to $4700 in the current upward phase.