A survey conducted by the National Cryptocurrency Association explored why some people aren’t comfortable investing in digital assets.

Crypto confusion: 50% of non-investors don’t understand it well enough to buy

South Korea’s Financial Supervisory Service has verbally instructed local 
asset managers to limit exposure to crypto-linked stocks such as Coinbase and 
Strategy in ETFs, citing a 2017 policy that bars institutional investment in 
virtual assets. According to the Korean Herald,…

Coinbase, Strategy named as South Korea warns against crypto-heavy ETF portfolios

A sudden surge of institutional and corporate interest in Ethereum (ETH) is 
setting the stage for what Bitwise Asset Management’s chief investment officer 
Matt Hougan calls a “structural imbalance” between supply and demand—one that 
could propel prices well beyond the cryptocurrency’s already‑rapid ascent this 
year. In a memo circulated to clients on 22 July 2025, Hougan noted that Ether 
has climbed more than 65 percent in the past month and over 160 percent since 
April. The rally, he argues, is being driven not by sentiment alone but by a 
dramatic mismatch between the amount of Ether produced by the network and the 
quantities now being absorbed by exchange‑traded products (ETPs) and newly 
formed “ETH treasury” corporations. Ethereum Demand Shock Is Inevitable 
“Sometimes it really is that simple,” Hougan wrote, echoing his long‑standing 
thesis that, in the short run, asset prices are dictated primarily by flows. 
He drew a direct parallel to bitcoin’s explosive performance following the 
launch of U.S. spot bitcoin ETPs in January 2024, when “ETPs, corporations, 
and governments acquired more than 1.5 million bitcoin, while the Bitcoin 
blockchain produced just over 300,000.” Related Reading: Ethereum To $10,000? 
Analyst Says ETH Has To Break This Level The same dynamic, he contends, has 
finally taken hold in the Ether market—only more forcefully. Between 15 May 
and 20 July, spot Ether ETPs attracted more than $5 billion in net inflows, 
while a handful of publicly traded companies began stockpiling the token as a 
primary treasury asset. Among the most aggressive buyers: Bitmine Immersion 
Technologies (BMNR) accumulated 300,657 ETH—about $1.13 billion at current 
prices—and declared an ambition “of obtaining 5 percent of all ETH supply.” 
SharpLink Gaming (SBET) purchased 280,706 ETH ($1.06 billion) and disclosed 
plans to raise an additional $6 billion for future acquisitions. Bit Digital 
(BTBT) liquidated its bitcoin reserves after raising $170 million, redirecting 
the proceeds to more than 100,000 ETH (roughly $375 million). The Ether 
Machine (DYNX) outlined an initial public offering built around a $1.6 billion 
Ether treasury. In aggregate, ETPs and public companies bought approximately 
2.83 million Ether—valued at north of $10 billion—during the nine‑week 
stretch. Over the same period, the Ethereum network created only about 88,000 
ETH in new issuance, a ratio of demand to supply that Hougan calculates at 32 
to 1. “No wonder the price of ETH has soared,” he observed. Whether that 
pressure continues is now the central question for investors. Hougan’s answer 
is an unequivocal yes. He points out that, even after the recent buying spree, 
Ether remains under‑owned relative to bitcoin in the ETP market: Ether funds 
control less than 12 percent of the assets held by bitcoin ETPs, despite ETH’s 
market capitalisation standing at roughly one‑fifth of BTC’s. “With all the 
excitement surrounding stablecoins and tokenization—which are primarily built 
on Ethereum—we think that will change,” he said, predicting billions of 
dollars in additional inflows “in the next few months.” Related Reading: Tom 
Lee Predicts $30,000 Per Ethereum As Treasury Frenzy Begins Meanwhile, the 
economics of listed “crypto treasury” firms appear to be self‑reinforcing. 
Shares of BMNR and SBET each trade at nearly twice the net value of the Ether 
they hold, a premium that incentivises management teams to issue equity, raise 
capital, and purchase still more ETH. “As long as that remains true, you can 
bet Wall Street firms will funnel money into more ETH purchases,” Hougan 
wrote. Bitwise projects that ETPs and treasury companies could absorb as much 
as $20 billion worth of Ether—around 5.33 million coins at present prices—over 
the coming year. The protocol’s issuance schedule, by contrast, is expected to 
add only about 800,000 ETH to circulation during the same window, implying a 
7‑to‑1 imbalance. “That’s an even higher ratio than we’ve seen for Bitcoin 
since the spot ETPs launched,” Hougan said. Sceptics often argue that Ether’s 
long‑term supply is not capped in the way bitcoin’s is, and that its valuation 
hinges on factors beyond simple scarcity, such as network usage and 
transaction fees. Hougan does not dispute those points but insists they are 
secondary in the near term. “In the short term, the price of everything is set 
by supply and demand, and right now, there is more demand for ETH than 
supply,” he concluded. At press time, ETH traded at $3,703. Featured image 
created with DALL.E, chart from TradingView.com

Ethereum Demand Shock Will Rock Markets, Bitwise CIO Warns

PENGU is gaining strong momentum, surging nearly 50% from its recent breakout 
and overtaking Bonk to climb to the 43rd spot in market cap rankings. Pudgy 
Penguins (PENGU) price continues its strong upward momentum, reaching a peak 
of $0.047 yesterday…

PENGU flips BONK in market cap as rally nears ATH

Spot Ethereum ETFs notch $533 million in daily inflows, pushing all-time 
inflows to $8.3 billion amid rising institutional demand.

Spot Ether ETFs attract $533M, extend 13-day inflow streak to over $4B

Ethereum’s recent price rally appears to be losing momentum just as Spot 
Ethereum exchange-traded funds record strong inflows. Spot Ethereum ETFs 
registered a $533.87 million net inflow on July 22, the third-largest single- 
day inflow since their launch, according to SoSoValue…