According to @MilkRoadDaily, ETH has returned to market levels seen only three times historically, with these levels marking exhaustion in 2021 (source: @MilkRoadDaily). According to @MilkRoadDaily, over 1.5M ETH (approximately $8B) were purchased in August 2025, indicating record demand (source: @MilkRoadDaily). According to @MilkRoadDaily, ETH is now being bought faster than it is being issued, highlighting a supply-demand imbalance that differentiates the current setup from 2021 (source: @MilkRoadDaily).

According to Aaron Brogan, recent crypto IPOs such as Circle's $1.05 billion offering, which surged to a $43.9 billion market cap, signal strong investor demand and could influence crypto valuations. Brogan cites three theories: public market premiums similar to MicroStrategy's, regulatory clarity from the GENIUS Act benefiting stablecoins like USDC, and treasury yield increases boosting issuer revenues. Jean-Marie Mognetti adds that investor surveys reveal nearly 90% of crypto holders plan to increase allocations, requiring advisors to focus on risk management for sustained market growth.