Ethereum just achieved its best monthly earnings in three years, soaring 56%, an analyst said it is similar to the recent “90s technology stocks” behind the “90s technology stocks.”
ETH is currently trading at $3,862, which is significantly higher than its July 1 opening of $2,468 according to Go to love.
This is the first time Ether has received a monthly return of 50% or more in a month since July 2022, when ETH soared 56.62%, according to Go to coinglass.
Eric Balchunas, senior ETF analyst at Bloomberg, attributed ETH’s recent price performance to net inflows from spot Ether Exchange-traded funds (ETFS).
“Ether is starting to look like the ’90s technology stock,” Barkunas wrote in X. postal.
In terms of accelerating adoption and network growth, he further compared Ethereum to “tech stocks that started in the 90s,” which is different from Bitcoin’s “new gold” narrative.
Related: Despite high records, the S&P 500 index declines in bitcoin volume
Ether ETF flows into stripes and hits 19 days
This month, Ether ETF’s EthET ETF has been in a 19-day net inflow, matching their longest winning streak in history.
From July 3 to July 30, the category’s capital revenue exceeded $5.37 billion. The highest net inflow was recorded on July 16, with net inflows of all funds Standing at nearly $727 million.
Last week, BlackRock’s iShares Ethereum ETF became The third fastest ETF hit $10 billion milestone, as the fund managed to achieve this feat in just 251 days.
Meanwhile, in rare cases, net inflow of ether ETFs Much more than the net inflow of Bitcoin ETFs July lasts for six consecutive days.
Ethereum activity lags behind, analysts say
Despite the price of ETH, not everyone is excited about the level of activity being conducted at the protocol level.
“When we look at the actual revenue being generated on the Ethereum network, it’s revenue is very low,” 10x research CEO Markus Thielen told Cointelegraph, adding that Ethereum revenue has not risen in any meaningful way over the past six months.
According to Thielen, online activity has risen by only 5% in the past month and revenue has risen by just 3%. Furthermore, he observed that 90% of the price action in the past month came from the Asian time zone.
He recalls that in November 2021, when Ethereum earned $1.5 billion in revenue in a month, with a market capitalization of $300 billion. This can infer an annual rate of return of 6%, which may be attractive to institutional investors.
Now, this story is different, with Ethereum having a market capitalization of $466 billion, while its annual revenue is only $764 million. according to Go to the token terminal.
