Summary
- Mike Novogratz, CEO of Galaxy Digital, stated that there is a strong likelihood that Ethereum will surpass $4,000 within the year.
- He noted that recent fund inflows into spot Ethereum ETFs and a decrease in exchange selling pressure are reinforcing the bullish outlook.
- However, he mentioned that due to current macroeconomic factors, short-term volatility may be high.
There is a projection that Ethereum (ETH) will surpass $4,000 within the year. In particular, the fact that selling pressure has dropped to its lowest level in two years is seen as supporting its upward potential.
On the 2nd (local time), according to cryptocurrency-focused media outlet AMB Crypto, Mike Novogratz, CEO of Galaxy Digital, said, "Although Ethereum is currently staying within the $3,000–$4,000 range, the likelihood of surpassing $4,000 by year-end is greater."
Institutional investor demand is also lending support to the bullish outlook. According to the outlet, inflows into spot Ethereum ETFs in July totaled $5.3 billion, marking the highest monthly inflow since the product's launch. Currently, ETFs hold approximately 5.84 million ETH, and financial companies such as Bitmine and Sharplink Gaming have increased their holdings to 2.73 million ETH. This corresponds to about 2.26% of the total supply.
On-chain data is also backing up the bullish signals. According to CryptoQuant on the same day, net Ethereum inflows to exchanges recently hit a two-year low. This suggests that buying activity continues to outweigh selling even near recent highs.
However, the outlet added, "Given current macroeconomic variables, short-term direction for Ethereum could be highly volatile," and noted the need to closely monitor major factors such as Federal Reserve monetary policy and inflation indicators.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
