PANews reported on August 13 that Standard Chartered analyst Geoff Kendrick said that since June, institutional purchases of ETH have accounted for 3.8% of the circulating supply, which is twice that of Bitcoin.

Furthermore, the passage of the GENIUS Act in the United States has boosted the adoption of stablecoins, with over half of these issued on Ethereum and accounting for 40% of blockchain fees. The report also notes that Ethereum developers plan to increase Layer 1 throughput tenfold to prepare for high-value transactions and the expansion of the Layer 2 ecosystem.

Earlier news, Standard Chartered Bank raised Ethereum's year-end target price to US$7,500, and it will break through the historical high of US$4,866 in Q3 .