Рынок Ethereum на пороге рекордного роста благодаря дефициту ликвидности и институциональному спросу Translation: Ethereum market on the brink of record growth thanks to liquidity shortage and institutional demand.

Approximately 40% of the total supply of the second-largest cryptocurrency by market capitalization has been removed from active circulation. This is an unprecedented level in the history of Ethereum, as noted by analyst Crypto Gucci.

*“For the first time, Ether is undergoing a cycle where three liquidity-reducing factors are simultaneously at play,”* he stated.

These factors include corporate treasuries (holding 5.9 million ETH) and spot ETFs (6.68 million ETH), which were absent during the prior bull market. Together, they account for 10.5% of Ethereum’s total issuance. A significant portion is attributed to staking—48 million coins, equating to 29.5% of the cryptocurrency’s overall supply.

The expert emphasized that Ethereum entered this cycle with record institutional demand coupled with extremely low liquidity.

*“When rising demand meets diminishing supply, the price doesn’t just increase—it skyrockets,”* he added.

Since the network’s transition to Proof-of-Stake in 2022, the cryptocurrency’s issuance has expanded by 0.6%. In contrast, Bitcoin’s supply increased by 4% in the same timeframe.

Analyst Ted Pillows believes that due to institutional demand and the integration of staking features into exchange-traded funds, Ethereum’s price could surge to $8,000 to $10,000 by early 2026.

BitMine chairman Tom Lee reaffirmed a $10,000 prediction for the second-largest cryptocurrency by the end of 2025.

*“For Ethereum, I anticipate a price range between $10,000 and $12,000,”* he stated during a podcast episode of *Bankless*.

Arthur Hayes, co-founder of BitMEX, who participated in the episode, expressed his intent to «maintain consistency,» thus also aligning with the $10,000 target.

Lee highlighted that such growth would not indicate a market overheating. He remarked that after reaching a peak of $4,878 in 2021, Ethereum has primarily been consolidating in a sideways trend.

*“Essentially, the asset has been in an accumulation phase for four years and has only recently broken through the range, so for me, this is not a sign of a final peak, but rather a breakthrough towards new price levels,”* the expert explained.

The cryptocurrency approached peak levels in August and set a new record at $4,946. At the time of writing, the altcoin is trading around $4,200.

MN Capital founder Michael van de Poppe is also optimistic. He mentioned that during the downturn on October 12, the ETH/BTC pair hit 0.032, which he described as *“a perfect buying zone.”*

*“We need to establish a higher low, and then we’ll move towards new highs,”* he emphasized.

At the conclusion of the trading session on October 14, Ethereum-based spot ETFs attracted $236.22 million, with Fidelity’s FETH product leading at $154.62 million.

Earlier in the week, these instruments faced outflows totaling $183 million amid one of the largest market crashes.

Spot Bitcoin ETFs received $102 million after experiencing outflows of $330 million.

We should note that the Kingdom of Bhutan recently announced plans to transition its national ID system to Ethereum, with a full platform migration expected by the first quarter of 2026.