Bankless 10 Bullish ETH Charts | Michael Nadeau
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Jul 17, 2025 
Michael Nadeau, an analyst at The DeFi Report, dives into the bullish momentum surrounding Ethereum, highlighting key Q2 fundamentals. He discusses the surge in institutional demand and the impact of ETF flows, suggesting ETH may still be undervalued. Nadeau also explores the growth of stablecoins, the potential of Ethereum as a store of value, and the framework for real-world assets on-chain. Additionally, he analyzes metrics that could signal the next phase of Ethereum’s bull run, emphasizing the evolving dynamics of decentralized finance.
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Ethereum Outperforms Bitcoin Timing
- Ethereum is showing momentum even when Bitcoin price falls, signaling a major shift in investor dynamics.
- The ETH-BTC ratio is recovering from five-year lows, suggesting early stages of ETH rotation and growth.
Stablecoins Drive Institutional Adoption
- Stablecoin supply on Ethereum is crucial to institutional adoption and overall ecosystem growth.
- The Genius Bill may accelerate stablecoin issuance, broadening adoption and financial inclusion worldwide.
DeFi Loans Reach New Heights
- Active loans on Ethereum and L2s are reaching all-time highs, indicating growing trust and confidence in DeFi.
- Increased borrowing signals an ecosystem ready to expand through risk-taking and collateral use.