For years, I’ve remained fundamentally skeptical of the idea that Ethereum ($ETH) could reach $10,000. The math never quite added up. The market structure didn’t support it. The conviction wasn’t there.
But for the first time, I can see a clear and compelling path to $10K ETH.
Here’s why:
ETH staking is at all-time highs A growing share of ETH supply is being locked up long-term.
Exchange reserves have dwindled ETH balances on centralized exchanges are back to 2017 levels.
Stable coin issuance is surging Liquidity is growing across the ecosystem.
A $6 billion SBET placement is set to directly acquire ETH from the Ethereum Foundation.
Digital Asset Treasuries (DATs) including those led by traditional financial institutions are ramping up, leading to further ETH absorption.
We’re entering a new reflexive loop: As ETH becomes increasingly scarce and institutional interest surges, price momentum could accelerate faster than most anticipate.
TL;DR: You're probably not bullish enough.
This treasury-fueled reflexive cycle will collapse someday but that day is not today, and likely not any time soon.
If whales and institutional investors keep buying ETH, then $10k is plausible. But I don't think it will happen by the end of the year. We're talking about a massive "pump" within just 4 months. It took ETH several years to reach close towards its last-recorded ATH of $4.8k per coin (since 2021). Right now, it hasn't even crossed the $4.5k range. The excitement (or hype) is all attributed to institutional firms adding ETH to their portfolios. This was expected to happen right after the SEC gave the "green light" for ETH spot ETFs. Nothing new to see here.
Competitors such as Solana and BNB have performed better than ETH in terms of price (even though ETH is much more valuable). I'd proceed with caution just in case. You'll never know if the hype fades away and ETH goes back to "ground zero". For what I know, ETH hasn't solved its on-chain scaling issues. So gas fees will eventually rise due to increased popularity. We'll see what happens in the long run.