Ethereum Hits $4,000: Is a Run to $10K Next?

Ethereum surged past the $4,000 mark on Friday — the first time in 2025 and the first time since December — sparking a wave of optimism across the crypto market. Analysts and investors alike are now asking: how much higher can ETH go?

According to former BitMEX CEO Arthur Hayes, the answer could be $10,000 by the end of the year.

Hayes points to a key catalyst: the recently passed stablecoin legislation in the United States. With new legal clarity, traditional financial institutions are expected to increase their exposure to dollar-pegged cryptocurrencies. That, in turn, will pour liquidity into the Ethereum ecosystem — the dominant blockchain for stablecoins.

Tether, the world’s largest stablecoin issuer, currently holds $120 billion in U.S. Treasury bills, effectively positioning the crypto industry as a significant backer of U.S. debt. Since Ethereum processes over half of the $268 billion stablecoin market, its role in this financial loop is increasingly pivotal.

Adding fuel to the rally, more crypto treasuries are stockpiling Ether. Around a dozen of these entities now hold roughly 1% of ETH’s total supply. Analysts at Standard Chartered believe public companies could eventually accumulate up to 10%, creating additional buying pressure.

Geoffrey Kendrick, head of digital assets research at Standard Chartered, reiterated in July that such institutional moves could keep Ethereum anchored at $4,000 and potentially propel it higher.

Wall Street has also turned its gaze toward Ether. The summer of 2025 has witnessed unprecedented interest in spot Ethereum ETFs, drawing billions in fresh capital into the ecosystem.

Despite the excitement, Ethereum remains 18% shy of its all-time high of $4,878 set in 2021. Meanwhile, other cryptocurrencies like Solana and XRP have already broken new records in 2025.

As Bitcoin, XRP, and Solana joined the Friday rally, Ethereum’s milestone has rekindled bullish sentiment. Whether $4,000 is just the beginning or a local top remains to be seen, but all eyes are now on ETH as it charts its course into the final quarter of the year.