Former Ethereum Core Developer: Stablecoin Narrative, ETF Inflows, CEX Balances at New Lows to Trigger Ethereum Price Explosion

On July 4th, former Ethereum core developer Eric Conner recently composed an article and enumerated the three major impetuses for Ethereum's breakout. Stablecoins continuously infusing dollars into Ethereum: It has witnessed 21 months of continuous growth, and the monthly transaction volume is now on an equal footing with Visa. Stablecoins act as the on-chain cash engine, driving the continuous demand for ETH block space. On the other hand, in June alone, the net inflow of spot ETH ETF reached $1.17 billion. Fund managers anticipate that the size of the ETH ETF in the second half of 2025 will be several times this level. Finally, the CEX balances have dropped to only 9 million ETH, which is the lowest level since 2015. Eric Conner pointed out that Ethereum has been fluctuating between $2400 and $2600 for weeks, with decreasing volume and quietly forming higher lows. Prolonged consolidation periods usually lead to sharp fluctuations. Therefore, if ETH firmly breaks above $2600, the trend may be rapid and intense.