Ethereum’s price did something interesting recently. It climbed past its previous peak, setting a new record, and honestly, it’s got a lot of people talking. The big question, of course, is why. What’s actually pushing it higher this time?
To get a better sense of it, I spoke with Lennaert Snyder, a crypto analyst who works with Bybit. He had some pretty clear thoughts on where this momentum is coming from, and how big money is starting to view Ethereum differently than Bitcoin.
Breaking Down the Rally
His view gives us a way to separate the two main forces at play. On one side, you have the sheer weight of institutional cash flowing in. Those new spot ETH ETFs? They pulled in a staggering $2.9 billion in just one week. That’s a huge number—it even beat what Bitcoin’s ETFs managed in the same period.
But it’s not just funds moving on paper. The activity on the blockchain itself looks strong. Snyder pointed to things like high bridge inflows, which suggest money is coming onto the network, and a rapidly growing stablecoin supply. That usually means people are actively using DeFi protocols, not just speculating on price.
He estimated that maybe 60 to 70 percent of the price move is tied directly to those ETF inflows. The rest, perhaps 30 to 40 percent, seems to be supported by real usage—staking, lending, and borrowing in the DeFi world.
Why Institutions Are Paying Attention
This is where it gets interesting. There appears to be a shift in how institutions are thinking. Bitcoin is often called ‘digital gold,’ a simple store of value. Ethereum is… messier. And for some, that’s a good thing.
Snyder talked about Ethereum’s multiple revenue streams. It’s not just an asset you hold. You can stake it to earn rewards, use it to interact with smart contracts, or tap into the entire DeFi ecosystem. It offers ways to generate yield, which is a powerful draw for funds looking for more than just price appreciation.
You can see this preference in the numbers. ETH ETFs are performing well, even compared to Bitcoin’s. And some public companies with crypto treasuries are actively accumulating more ETH.
But he was careful to note that Bitcoin isn’t going anywhere. For more conservative players, its relative stability and simpler narrative still make it the default choice, the anchor of a portfolio.
The two seem to be carving out different roles. Bitcoin for stability, Ethereum for growth and yield. It’s not so much a competition as it is a diversification story. Institutions might start with Bitcoin, but many are now looking at Ethereum as the next logical step.
