XRP Lawyer Sees $10K ETH Price as Ethereum ETFs Hit $2.8B Inflows in August

XRP lawyer John E. Deaton has predicted that ETH price could climb to $10,000. This follows the $2.8 billion inflows into Ethereum ETFs so far this month. In contrast, Bitcoin ETFs have recorded net outflows over the same period.

Ethereum ETFs Fuel $10,000 ETH Price Target, Says Deaton

Deaton pointed to the growing demand shown in spot ETF flows as a credible signal of Ethereum’s long-term strength. The lawyer became widely popular for choosing to represent XRP holders in their battle against the SEC.

He argued that the sustained momentum, supported by corporate treasury adoption, makes $10,000 a realistic target for ETH price. His comments followed data shared by ETF analyst Nate Geraci, who revealed that spot Ethereum ETFs drew $340 million in inflows on Friday.

That surge lifted August inflows to $2.8 billion, in stark contrast to Bitcoin ETFs, which have recorded $1.2 billion in outflows this month. Since the beginning of July, spot Ethereum ETFs have accumulated $8.2 billion in inflows, compared to $4.8 billion for Bitcoin. Geraci described the reversal in demand as a “notable recent shift.”

The trend underscores a growing change in market preference, with Ethereum attracting stronger interest from both institutional and retail investors. Deaton noted that this Ethereum ETF inflow momentum, combined with corporations holding the coin as a treasury asset, strengthens the possibility for ETH price to eventually cross $10,000.

While some forecasters have suggested ETH price could climb as high as $20,000 in the current cycle, Deaton said those targets may be overly ambitious. He stated that $10,000 appears increasingly achievable.

Deaton Sees Ethereum Entering Its ‘ChatGPT Moment’ of Adoption

Deaton also pointed to views by Fundstrat’s Tom Lee, who has argued that legislative moves like the Genius Act could accelerate Ethereum adoption and boost ETH price. He likened the ETF inflow surge to the “ChatGPT moment” that stablecoins once created for crypto. They solved a real pain point (price volatility) by being a dollar-pegged asset on-chain.

The XRP lawyer suggested that a similar transformation is unfolding for Ethereum. While acknowledging that Lee, as chairman of Bitmine $BMNR, has an interest in promoting such narratives, Deaton stressed that the current facts cannot be ignored.

ETH price broke $4,800 yesterday but has since retraced to $4,746 as of the time of writing. Even though it has recorded 1.7% drop in the last day, its weekly and monthly gains stand at 7% and 30%, respectively.