John Deaton, a lawyer who’s also run for Senate, thinks Ethereum (ETH) is about to explode in value. He’s predicting it could hit a whopping $10,000 in this current market cycle. He’s not just pulling this out of thin air; he points to some pretty compelling reasons.
Big Money is Flowing In
A big part of Deaton’s prediction is based on the huge amount of money pouring into Ethereum exchange-traded funds (ETFs). Analyst Nate Geraci highlighted a massive shift: Ethereum ETFs saw a staggering $2.8 billion in inflows in August alone, while Bitcoin ETFs actually saw $1.2 billion in outflows during the same period! Since July, Ethereum ETFs have raked in $8.2 billion compared to Bitcoin’s $4.8 billion. That’s a serious shift in investment focus.
Ethereum Treasuries are Buying Big
Deaton also points to something else: big companies are buying up tons of Ethereum. Companies run by well-known figures in the crypto world, like Tom Lee (Bitmine), Joseph Lubin (Consensys), and Andrew Keys (Ether Machine), are accumulating ETH. Deaton sees this as a strategic move, showing they believe Ethereum will be a major player in the future of crypto.
Even with Tom Lee’s vested interest in the success of Ethereum, Deaton acknowledges his potential bias but emphasizes the overall trend of accumulation is hard to ignore.
Deaton’s Prediction
While acknowledging that some are predicting even higher prices, Deaton thinks $10,000 is a realistic target given the influx of cash and the strategic buying by major players. He stated: “I don’t know if ETH can hit $20K or more this cycle… but with continued inflows… coupled with others accumulating ETH for ETH Treasury Companies, $10K appears to be fairly foreseeable.”
Ethereum’s Current State
Right now, Ethereum is trading around $4,775, and it’s been doing pretty well recently. It’s up almost 2% in the last day, over 7% in the last week, and a whopping 24% in the last month. It’s still the second-largest cryptocurrency, with a market cap of $576 billion.