The recent increase in Ethereum’s price indicates a growing level of supply and demand imbalance, as noted by Matt Hougan, Chief Investment Officer of Bitwise Asset Management. According to the client memo dated July 22, 2025, Hougan pointed out that the price of Ether in the last month and by more than 160% since April.
Spot Ether exchange-traded products (ETPs) saw more than $5 billion in net inflows between May 15 and July 20. Meanwhile, several publicly traded companies announced that ETH would be among their core treasury assets.
The ETPs and corporate buyers acquired approximately 2.83 million ETH in nine weeks. In the process, the Ethereum network merely issued and generated a 32-to-1 demand-to-supply ratio.
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