Ethereum is on track for its strongest third-quarter performance on record, according to multiple market trackers. Midway through Q3, commentators say trading volumes have overtaken Bitcoin’s while network activity and capital committed to staking and decentralised finance products continue to climb. Momentum has been underpinned by rising institutional demand. One tweet citing undisclosed sources claims Goldman Sachs bought about $600 million of iShares Ethereum Trust (ETHA) shares in the second quarter, and separate posts point to more than $1 billion of net inflows into spot-based Ethereum exchange-traded funds in a single day. Hedgeye and other research houses highlight Ethereum’s role in facilitating stablecoins and tokenised assets as a driver of that interest. On the supply side, traders report that exchange wallets now hold the smallest amount of ETH in nine years, fuelling expectations of a ‘supply shock’. Analysts including Fundstrat’s Tom Lee argue that Wall Street’s growing use of the blockchain, combined with artificial-intelligence-linked demand, could push the price higher, with speculative forecasts for 2025 ranging from roughly $5,500 to $15,000.