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Ethereum poised to exceed 5,000 USD driven by rising demand and network growth

Ethereum supply reaches 120.44 million ETH: Ethereum’s total supply has surged to 120.44 million ETH, the highest since April 2023. This rise is countered by an increase in ETH burning, driven by heightened network activity and deflationary trends, balancing demand.

ETFs boost demand for ETH significantly: The introduction of spot Ethereum ETFs has driven holdings up from 3,095 million to 3.41 million ETH, fostered by renewed institutional confidence. With daily transactions between 6.5 million and 7.5 million in 2024, demand signals a bullish price trend.

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