Demand Increases, Ethereum Predicts New Record Prints

JAKARTA - Ethereum (ETH) as the second largest crypto asset by market capitalization is predicted to exceed US$5,000 or equivalent to Rp80 million per coin in the near future. The latest report mentions the cause, namely an increase in institutional demand that has the potential to boost the price of ETH.

According to market intelligence firm CryptoQuant, activity on the Ethereum network showed a significant spike. In a note released Thursday, December 12, the company noted that the flow of funds to ETH-based exchange-trained funds (ETF) products reached a record high. Last week alone, global investors injected fresh USD 1.2 billion (approximately IDR 19.2 trillion) into Ethereum investment products.

On Friday, the price of Ethereum surpassed $4.000 for the first time since March. The increase was backed by high demand for Ethereum's ETF, which recorded the largest daily net inflow of more than $428 million, equivalent to IDR 6.8 trillion on December 5, according to data from CoinGlass.

Launching Decrypt, Plume CEO Chris Yin believes that the current valuation metric indicates Ethereum's potential to reach $5.000 if demand and supply dynamics continue.

CryptoQuant also noted that daily activity on the Ethereum blockchain continues to show a positive trend. The number of daily transactions is in the range of 6.5 to 7.5 million so far this year, a significant increase compared to the average of 5 million transactions per day last year.

"Higher network activity signifies increased use and demand for Ethereum capabilities," the report reads.

This reflects the growing widespread adoption of decentralized apps (dApps), including decentralized crypto exchanges used to trade speculative assets such as coin memes and stablecoins. Both meme coins and stablecoins have sparked increased public attraction since the crypto market again showed capitalization growth this year.