Эфир: рекордный дефицит предложения подстегивает оптимизм аналитиков Translation: Ethereum: Record Supply Shortage Fuels Analysts Optimism

Approximately 40% of the total supply of the second most capitalized cryptocurrency has been removed from active circulation. This unprecedented figure in Ethereum’s history was highlighted by an analyst known as Crypto Gucci.

*“For the first time, Ethereum is undergoing a cycle influenced by three simultaneous liquidity-reducing factors,”* he noted.

Among these factors are corporate treasuries holding 5.9 million ETH and spot ETFs managing 6.68 million ETH, which were not present during the previous bull market. Together, they account for 10.5% of Ethereum’s overall issuance. A significant portion, amounting to 48 million coins or 29.5% of the total supply, is tied up in staking.

The expert emphasized that Ethereum has entered this cycle with record institutional demand amid extremely low liquidity.

*“When the growing demand meets a declining supply, the price does not just rise—it soars to new heights,”* he added.

Since the network’s transition to Proof-of-Stake in 2022, the cryptocurrency’s issuance has increased by only 0.6%. In contrast, Bitcoin’s supply rose by 4% during the same period.

Analyst Ted Pillows believes that due to institutional demand and the inclusion of staking features in exchange-traded funds, Ethereum’s price may reach between $8,000 and $10,000 by early 2026.

Tom Lee, chairman of BitMine, confirmed a forecast of $10,000 for the second-largest cryptocurrency by the end of 2025.

*“For Ethereum, I expect a price range between $10,000 and $12,000,”* he stated during a podcast episode of *Bankless*.

Arthur Hayes, co-founder of BitMEX, who participated in the episode, expressed his intention to “maintain consistency,” therefore also setting a target of $10,000.

Lee stressed that such an increase would not indicate market overheating. He pointed out that after reaching a peak of $4,878 in 2021, Ethereum has mainly been consolidating sideways.

*“In essence, the asset has been in an accumulation phase for four years and has only recently broken its range, so for me, this doesn’t indicate a final peak; rather, it signifies a breakthrough toward new price levels,”* the expert explained.

The cryptocurrency approached its peak values in August and *set* a new record at $4,946. As of writing, the altcoin is trading around $4,200.

Michael van de Poppe, founder of MN Capital, also maintains an optimistic outlook. According to him, during the drop on October 12, the ETH/BTC pair reached a level of 0.032, which proved to be «an ideal buying zone.»

*“We need to establish a higher low, and then we will move toward new highs,”* the analyst emphasized.

At the close of trading on October 14, spot exchange-traded funds based on Ethereum attracted $236.22 million, with Fidelity’s product, FETH, leading the way at $154.62 million.

Earlier in the week, these instruments faced outflows totaling $183 million amid one of the largest *market crashes*.

Spot Bitcoin ETFs received $102 million after experiencing outflows of $330 million.

It’s worth noting that the Kingdom of Bhutan *announced* it would transition its national ID system to Ethereum, with the full switch expected by the first quarter of 2026.