GMX price

Discover the core elements of the GMX ecosystem: from seamless onchain trading, to democratised liquidity that enables anyone to earn market-leading rewards. Read about Arbitrum's leading permissionless DEX, on their blog: 🔗

Discover the core elements of the GMX ecosystem: from seamless onchain trading, to democratised liquidity that enables anyone to earn market-leading rewards. Read about Arbitrum's leading permissionless DEX, on their blog: 🔗

$ETH: Explaining The Renewed Optimism DVM View: ETH is having a resurgence with ETF inflows (15 consecutive days of Inflow), and strengthening 30% against BTC (from .0178 to .023) and 41% against SOL (from 11.5 to 16.3) in recent weeks. ETH Core Metrics are up materially as well since mid-April, with daily active addresses +49% to 467k; daily Tx +40% to 1.4m; and TVL +35% to $61b according to @artemis. Additionally, activity on L2 chains are heating up with Hyperliquid (our fav) and Base as prime examples. Lastly, institutionalization is playing a major factor (staking, RWAs, etc.). In this report, we look into what are the primary catalysts driving ETH’s renewed optimism. 1. Recent ETF Capital Rotation: Institutional Adoption Accelerating $ETH is experiencing a shift in institutional capital, with ETH ETFs attracting significant inflows while $BTC ETFs face outflows. Over the past month, ETH ETFs recorded 15 consecutive days of inflows totaling $837m, with BlackRock’s ETHA alone accumulating 267,214 ETH ($673m). In contrast, Bitcoin ETFs saw $131.6m in outflows over the same period, with recent days showing $296.4m flowing into ETH ETFs against $56.5m exiting BTC ETFs. This active portfolio rebalancing signals a clear institutional preference for ETH, reflecting its growing appeal as a diversified asset. Key Catalysts: - Pivot Point: RWA, stablecoin and security layer are the three largest points in our view. Think initiations are positioning on strengthening narratives across all 3. $ETH’s transition from speculative trading to a hub for financial innovation, drawing institutional interest. - Staking Approval Potential: The prospect of ETH ETF staking features could introduce yield opportunities, further enticing institutional investors. Many ETH yield products to market are gaining significant traction on the back of rising interest. - Circle’s IPO Success: Circle’s $1.1b IPO validates ETH ’s infrastructure, reinforcing its credibility with traditional finance as a robust settlement layer. This capital rotation highlights ETH's emergence as a preferred institutional asset, with ETFs serving as a gateway for sophisticated investors to engage with its ecosystem. 2. Stablecoin Infrastructure: 51% Market Share & $ETH’s Revenue Engine $ETH solidified its role as the settlement backbone for the $250b stablecoin economy, processing massive transaction volumes and generating consistent fee revenue. According to @artemis, ETH accounts for 51% market share of stables ($127b/$247b). Circle, with 70% of its $USDC stablecoin operating on ETH Layer 1 and Layer 2, generates $2.3b in annual revenue and $932m in gross profit, much of which flows through ETH infrastructure. Tether, processing $1t in monthly onchain volume, contributes to ETH’s fee burn mechanism via EIP-1559. In the past week alone, $1.9b in stablecoin movement was detected onchain, underscoring ETH’s critical role in global settlement. Key Catalysts: - Circle’s IPO Milestone: The success of Circle’s IPO demonstrates institutional appetite for stablecoin infrastructure, with ETH as the primary beneficiary. - STABLE Act Potential: Proposed legislation could create regulated frameworks for stablecoins, legitimizing ETH’s role in their operations. - Traditional Finance Adoption: Banks preparing to issue thousands of stablecoins are choosing ETH, while companies like Apple and Uber explore stablecoin payment integration, all relying on ETH’s rails. By dominating stablecoin infrastructure, ETH ensures a steady revenue stream, insulating it from market volatility and reinforcing its utility. 3. Staking Yield Premium: Driving a Supply Shock $ETH staking ecosystem is creating a structural supply shortage, with 34.65m ETH staked and an additional 300k ETH ($800m) pending validation. This unprecedented validator queue reflects institutional confidence in ETH ’s long-term yield potential, offering bond-like cash flows that BTC cannot match. Weekly active addresses have surged to 16.4m, the second-highest level ever, while exchange balances hit multi-year lows as ETH moves into staking contracts and ETF custody. Since mid-April, daily active addresses have risen 49% to 467k, and daily transactions have increased 40% to 1.4m, signaling robust adoption across retail and institutional users. Key Catalysts: - ETF Staking Approval: Regulatory approval for staking features in ETH ETFs could unlock new yield opportunities for institutional investors. - Lido’s Infrastructure: Lido’s Community Staking Module V2 is streamlining institutional staking, making it more accessible and scalable. - Bond Alternative Appeal: Traditional finance increasingly views ETH staking as a predictable, high-yield alternative to traditional bonds. This staking-driven supply shock, combined with surging adoption metrics, positions ETH as a compelling asset for investors seeking both yield and scarcity. 4. L2 Ecosystem Maturation: Scaling with Revenue Growth $ETH Layer 2 ecosystem has evolved into a fee-generating powerhouse, processing 7.55 times more activity than Layer 1 while reducing transaction fees by 34–84% across major L2s. Base, for example, commands 45% of total blob consumption and processes $1.4b in daily perpetual trading volume through platforms like GMX and Vertex. Arbitrum’s Timeboost feature generates over $1m in fees, accounting for 70% of its protocol revenue. The L2 Eco is driving significant activity, contributing to ETH’s TVL, which has surged 35% to $61b since mid-April. These L2s enhance ETH ’s scalability while channeling revenue to mainnet validators. Key Catalysts: - Protocol Guild Improvements: Expanding blob limits through technical upgrades will further optimize L2 performance. - Institutional L2 Deployments: New L2s tailored for institutional use cases are increasing demand for ETH as a security layer. - DeFi Growth: Rising DeFi activity on L2s is driving sustained demand for mainnet settlement, ensuring long-term revenue for ETH holders. ETH’s L2 ecosystem demonstrates its ability to scale efficiently while preserving the economic incentives that make it attractive to validators and investors. 5. Institutional Options Activity: A Technical Catalyst Institutional options activity is concentrating in the $2,700–3,000 range, signaling that sophisticated investors view current price levels as a transition to fundamental value. Open interest in $ETH options has reached all-time highs, with 77.3% of pending liquidations on the short side, creating conditions for a potential short squeeze. This technical setup, combined with sustained ETF inflows, suggests favorable risk/reward dynamics for ETH. Ethereum’s competitive strength is further evidenced by its 30% appreciation against $BTC (from 0.0178 to 0.023) and 41% against $SOL (from 11.5 to 16.3) in recent weeks, highlighting its resilience despite SOL’s growing Layer 1 market share. Key Catalysts: - Technical Breakout: A move above $2,700 could trigger institutional FOMO, driving further price appreciation. - Short Squeeze Potential: Concentrated short positions increase the likelihood of a rapid price surge. - Marketing Campaigns: Institutional campaigns highlighting ETH’s yield and utility advantages over BTC are amplifying its appeal. This concentration of options activity underscores Ethereum’s undervaluation relative to its infrastructure utility, setting the stage for potential upside. 6. Real-World Asset Tokenization: Ethereum’s Institutional Leadership $ETH has emerged as the preferred settlement layer for the rapidly growing RWA tokenization market, with TVL reaching $9.85b and 260% growth in the first half of 2025. BlackRock has deployed $2.7b of its $2.9b multi-chain strategy on ETH, while Apollo’s $500b private credit fund and WisdomTree’s $300m Government Money Market Digital Fund have launched tokenized products on $ETH’s infrastructure. Circle’s 70% share of USDC on ETH, processing $1t in monthly volume, further reinforces its dominance in institutional-grade asset settlement. Key Catalysts: - Bank Adoption: Traditional banks are choosing ETH for stablecoin issuance, leveraging its robust infrastructure. - STABLE Act Clarity: Regulatory frameworks could accelerate tokenized asset adoption, with ETH as the primary beneficiary. - Custody Solutions: Institutional custody providers like BitGo and Hex Trust are validating ETH as the go-to settlement layer for tokenized assets. Ethereum’s leadership in RWA tokenization positions it as the infrastructure of choice for traditional finance’s blockchain integration. Closing: Ethereum’s Bright Horizon Ethereum’s resurgence is a compelling story of institutional adoption, infrastructure dominance, and ecosystem maturation. From ETF inflows and stablecoin settlement to staking yields and L2 scalability, $ETH is proving its value as the backbone of the decentralized economy. Core metrics: 49% growth in daily active addresses, 40% increase in daily transactions, and 35% rise in TVL, reflect its robust adoption, while its competitive outperformance against $BTC and $SOL underscores its resilience. $ETH stands at a pivotal moment, transitioning from a speculative asset to a foundational layer for financial innovation. As regulatory clarity, institutional interest, and technical advancements converge, $ETH is positioned to lead the next wave of blockchain adoption, delivering value to investors and users alike.

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