Ethereum is attracting renewed institutional attention as both whale accumulation and high-profile endorsements strengthen the long-term bullish case for the network.
On Saturday, in a post on X, crypto analyst Ali Martinez said that Ethereum whales have acquired over 500,000 ETH over the past two weeks, signaling what some analysts interpret as quiet confidence among large holders. Historically, such buying behavior has often preceded major price moves or ecosystem developments.
In a recent interview with CoinDesk, Tom Lee, the head of research at Fundstrat, CIO of Fundstrat Capital, and the Chairman of Bitmine Immersion Technologies (BMNR), talked about his valuation outlook for ether. He referenced a model developed by Fundstrat’s Head of Digital Asset Strategy, Sean Farrell, which draws comparisons to private firms like Circle.
Using EBITDA-based multiples, Farrell estimates that ether could be worth up to $15,000. Lee supported that logic, noting that Layer-1 platforms like Ethereum — because they power entire ecosystems — often warrant higher valuation multiples, similar to how software firms command richer pricing than consumer businesses.
Lee also cited technical analysis from Mark Newton, Fundstrat’s Head of Technical Strategy, who sees ether potentially reaching $4,000 before the end of July. Lee said that level is only a first target, adding that a range between $10,000 and $15,000 is realistic based on current adoption and valuation trends. While he stopped short of offering a precise timeline, he noted that such a move could come by year-end — or potentially sooner.
Earlier this month, in an interview with CNBC, Lee called Ethereum “Wall Street’s preferred choice” for blockchain infrastructure. He pointed to JPMorgan’s stablecoin and Robinhood’s tokenization initiatives — both built on Ethereum — as evidence that traditional finance is increasingly aligning with the network. Lee added that Ethereum currently hosts more than 60% of all tokenized real-world assets (RWAs), a figure he expects will continue growing. If stablecoins surpass the $2 trillion mark, as forecast by Treasury Secretary Bessent, he said Ethereum would likely benefit from exponential growth in usage.
As of 16:41 GMT on July 19, ETH was trading at $3,564.10, down 0.26% over the past 24 hours, according to CoinDesk data.
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