Overview

• Consecutive days of billion-dollar U.S. spot ETH ETF inflows have totaled roughly $3.7 billion this week, lifting prices to within 5% of the 2021 peak.
• Exchange-held ETH has fallen to just 18.5 million—the lowest in nine years—while staked tokens reached an all-time high, squeezing available liquidity.
• BitMine Immersion Technologies and other corporate treasuries have accumulated over 1.2 million ETH since July, reinforcing structural demand.
• A hotter-than-expected July PPI report on August 14 prompted a swift sell-off and about $1 billion in crypto liquidations, highlighting persistent short-term risk.
• Responding to the tighter supply and sustained demand, analysts at Fundstrat, Standard Chartered and others have lifted mid-to-long-term ETH targets into the $7,500–$15,000 range.