Ethereum price prediction for August: will it hit $5,000?

Ethereum price continued its rebound in July this year, helped by the surging demand for exchange-traded funds (ETF) and Ethereum treasury companies. ETH token was trading at $3,870 on Thursday, its highest point since December last year and 180% above the lowest point this year.

Ethereum ETF inflows have surged

Data shows that demand for Ethereum exchange-traded funds continued soaring this month. According to SoSoValue, American institutional investors added over $5.4 billion into these funds, bringing the cumulative total to $9.6 billion. 

July was the fourth consecutive month of Ethereum ETF inflows and a sign that the trend was strengthening. It moved from $66.2 million in April, followed by $564 million and $1.16 billion in May and June. 

Most importantly, Ethereum ETFs have added assets in the last 13 consecutive weeks, the longest streak since their approval last year. 

BlackRock’s net assets jumped to over $11.2 billion, making it the fastest ETF to hit the $10 billion milestone. The other notable Ethereum ETFs are Fidelity’s FETH, which has over $2.52 billion in assets. Other top ETFs are from Grayscale, Bitwise, and VanEck. 

The Ethereum price also jumped as the mini-Strategy came up. For example, SharpLink Gaming continued to accumulate Ethereum. It now hads over 438,190 ETH, currently worth over $1.6 billion, a notable amount for a company valued at over $1.9 billion.