Ethereum (ETH) has once again found itself at the forefront of the market after experiencing ten years of ups and downs. The price of ETH seems to be making a push towards a historical high; what are the driving forces behind this?

Analysis indicates that this round of increase may just be the beginning. The massive accumulation by institutional investors is undoubtedly a key factor. Recently, multiple listed companies and asset management institutions have actively increased their holdings in ETH, viewing it as a core component of their financial strategy. This trend has sparked a wave of 'ETH reserve concept stocks', becoming the new favorite in the U.S. stock market.

Wall Street's favor for Ethereum can be traced back to a landmark event: Fundstrat co-founder Thomas Lee's high-profile bet on ETH. After Lee became the chairman of Bitmine in 2025, he led the company, which had previously focused on Bitcoin mining, to transform into an Ethereum asset company. Under his leadership, Bitmine quickly accumulated over 600,000 ETH, worth more than $3 billion.

Lee's actions seem to have triggered a chain reaction. Subsequently, several publicly listed companies in the United States announced their purchase of ETH as part of their asset allocation. For example, Bit Digital converted its held Bitcoin into ETH, investing $172 million to purchase 100,000 ETH.

In addition to the preference of institutional investors, factors such as the ETF craze, changes in the Ethereum Foundation, favorable technical indicators, support from on-chain data, tokenization of real-world assets (RWA), the rise of stablecoins, and the future roadmap of Ethereum are all driving this wave of price increase.

It is worth noting that despite the bullish market sentiment, investors should remain cautious. The high volatility of the cryptocurrency market means that prices can experience severe fluctuations. At the same time, the uncertainty of the regulatory environment is also an important factor to consider.

With the continuous development and improvement of the Ethereum ecosystem, its application prospects in decentralized finance (DeFi), non-fungible tokens (NFT), and other fields are broad. These factors may continue to support the long-term value of ETH. However, market participants should rationally view short-term price fluctuations and focus on Ethereum's technological advancements and practical applications rather than just chasing price increases.