Former Ethereum core developer: Factors such as stablecoin narratives, ETF inflows, and new lows in CEX balances will drive the Ether price to explode.

On July 4, former Ethereum core developer Eric Conner published an article listing the three major catalysts for Ethereum's explosion: stablecoins continuously injecting dollars into Ethereum for 21 consecutive months, with monthly transfer volumes now rivaling Visa. Stablecoins are the on-chain cash engine that drives sustained demand for ETH block space. On the other hand, the net inflow of Spot ETH ETFs reached $1.17 billion in June alone. Fund managers expect that by the second half of 2025, the scale of ETH ETFs will reach several times this level. Finally, CEX balances are down to only 9 million ETH, the lowest level since 2015. Eric Conner noted that Ethereum has been hovering between $2,400 and $2,600 for weeks, with decreasing trading volumes and subtle highs and lows emerging. Long-term consolidation usually leads to significant fluctuations. Therefore, if ETH firmly breaks through $2,600, the trend could be swift and severe.

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