Analyst: Ethereum On-Chain Activity Not Reflected in ETH Price, Staking ETF Approval May Further Unlock Upside Potential

BlockBeats News, August 7th, Vincent Liu, Chief Investment Officer of Kronos Research, stated that the clear stance of the United States on cryptocurrency regulation and the accumulation of institutional funds have also boosted interest in Ethereum. Recently, dozens of companies have adopted Ethereum as part of their treasury strategy to achieve balance sheet diversification and attract investors seeking exposure to digital assets. The cumulative value of ETH held by publicly traded companies has exceeded $7.5 billion. The recent surge in on-chain activity on Ethereum has not yet been fully reflected in the ETH price.

Vincent Liu further commented: "The price movement of ETH is relatively cautious, market confidence is strengthening, but a value reassessment is still ongoing." If an Ethereum staking ETF is approved, it could further unleash the potential for price appreciation and on-chain activity, making ETH an interest-bearing asset that institutions can allocate to.

BlockBeats previously reported that Ethereum's daily transaction volume (7-day moving average) reached a historical high of 1.74 million transactions on August 5th, surpassing the previous record of 1.65 million transactions set on May 12, 2021.