Ethereum valued at $60,000 revealed by BitMine through their "Replacement Value" concept
Ethereum Surges, Breaking $3,800 as Institutional Adoption Grows
Ethereum (ETH), the second-largest cryptocurrency by market cap, has been experiencing a strong bullish momentum in recent weeks. After a significant rally, Ether briefly touched $4,000 this week, marking a 150% increase since its April lows below $1,500. As of late July 2025, prices have consolidated around $3,750–$3,850, with resistance near the $4,000 mark.
Technical indicators show some caution due to overbought signals and resistance near $3,835–$4,000. However, the overall trend remains bullish, supported by stacked moving averages and breakout patterns. Despite the high volatility, it has been compressing, indicating a potential stabilisation in the near term.
The replacement value theory, which suggests that Ethereum’s value partly derives from its cost or difficulty to replace or replicate its blockchain infrastructure, is not explicitly modelled in recent analyses. However, high network demand and infrastructure underpin Ethereum's intrinsic utility value, as evidenced by the over 60% of stablecoins hosted on the Ethereum network and the increasing institutional interest.
Institutional adoption is cited as a significant driver behind recent rallies, with billions flowing into ETH via DeFi opportunities, NFT platforms, and upcoming ETF decisions. Analysts generally predict ETH to test and potentially surpass the $4,000 mark soon, unless technical pullbacks trigger short-term corrections.
In other news, Finality Capital disclosed its own position in BitMine, and BitMine Immersion Technologies holds over 600,000 Ether, currently valued at over $2.2 billion. The rebound in futures open interest (OI) for Ethereum, Solana (SOL), and Ripple (XRP) reflects a potential increase in bullish sentiment for these cryptocurrencies. Ether saw the largest rise in OI, reflecting renewed investor confidence and bullish momentum.
Moreover, the combined open interest for Ethereum, Solana, and Ripple stands at $44.2 billion, while Ether futures OI has sharply rebounded, currently standing at $44.2 billion, nearing last week's $45 billion high. The presentation "The Alchemy of 5%" by BitMine Immersion Technologies, released on July 28, predicts Ethereum's value could reach $60,000 per token.
Other corporate Ethereum holders include SharpLink Gaming, Bit Digital, and Blockchain Technology Consensus Solutions. If history repeats itself, Ether could potentially trade above $4,300 by the end of this week. David Grider, a partner at venture firm Finality Capital, expresses bullish sentiment on Ethereum, comparing the rise of Ether treasury companies to the MicroStrategy-Bitcoin effect.
In conclusion, the strong institutional inflows, increasing network activity, and bullish technical indicators point towards a continued upward trend for Ethereum in the near term. However, investors should remain cautious and monitor the market closely for any potential corrections.
Sources: 1. CoinDesk 2. CoinMarketCap 3. Bloomberg
Investors are increasingly turning to Ethereum for its potential as technology disruptor in the finance and investing sectors, as evidenced by the growing institutional adoption and the billions flowing into ETH via DeFi opportunities, NFT platforms, and upcoming ETF decisions. For instance, Finality Capital's investment in BitMine and BitMine Immersion Technologies holding over 600,000 Ether, currently valued at over $2.2 billion, is a testament to this trend.
