Crypto Lawyer Deaton Backs Ethereum To Reach $10,000 Target - Here's Why

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto lawyer and former Republican senatorial candidate for Massachusetts, John Deaton, has publicly lauded Ethereum (ETH) price growth’s potential, tipping the altcoin for sizable short-term gains. The XRP enthusiast is predicting ETH to hit a $10,000 price valuation in the present market cycle, citing strong institutional inflows and strategic accumulation by Ethereum treasury firms as key bullish catalysts.

Related Reading: Ethereum’s Tech Edge Could Outshine Bitcoin — Here’s How## Ethereum To Ride On Treasury Accumulation And ETF Inflows – Deaton

Notably, Deaton’s vote of confidence in Ethereum came in response to an X post by ETF analyst Nate Geraci, who highlighted a notable capital rotation trend between Bitcoin and Ethereum exchange-traded funds (ETFs). According to Geraci, spot ETH ETFs recorded $340 million in inflows on Friday, contributing to $2.8 billion in net inflows in August alone. In contrast, Bitcoin ETFs saw $1.2 billion in outflows during the same period. Since the beginning of July, spot ETH ETFs have attracted $8.2 billion in inflows, compared with $4.8 billion for Bitcoin ETFs.

Deaton explains that these flows underscore Ethereum’s strengthening investment case, echoing commentary from Tom Lee, Chief Investment Officer at Fundstrat and Chairman of Bitmine ($BMNR), an ETH treasury company. Lee has previously backed ETH’s potential for mainstream adoption, citing stablecoins’ potential to create a “ChatGPT moment” as seen with generative AI, especially following recent policy developments like the GENUIS Act.

Meanwhile, John Deaton also noted the broader trend of Ethereum treasury companies actively accumulating ETH. This includes firms led by industry figures, including Lee (Bitmine), Joseph Lubin (Sharplink), and Andrew Keys (Ether Machine). Deaton suggested that the coordinated buildup of Ethereum reserves by these companies reflects a strategic bet on ETH’s central role in the evolving digital asset economy. While acknowledging Lee’s potential bias in his “stablecoin” commentary, being a stakeholder in the ETH market, Deaton emphasized that institutional and corporate accumulation patterns are hard to ignore.

The crypto lawyer said:

I don’t know if ETH can hit $20K or more this cycle, like some folks are suggesting, but with continued inflows, indicated below, coupled with @ethereumJoseph, @AK_EtherMachine, Tom Lee, and others, accumulating ETH for ETH Treasury Companies, $10K appears to be fairly foreseeable in ETH’s future.

Related Reading: EU Eyes Ethereum Or Solana For Accelerated Digital Euro Rollout: Report## ETH Price Overview

At press time, Ethereum trades at $4,775 following a 1.91% gain in the past day. However, the altcoin maintains a green performance on larger timeframes, reflecting gains of 7.28% and 23.98% on its weekly and monthly charts, respectively With a market cap of $576 billion, ETH continues to rank as the second largest cryptocurrency and 22nd largest asset in the world.

ETH trading at $4,775 on the daily chart | Source: ETHUSDT chart on Tradingview.comFeatured image from Pexels, chart from Tradingview Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.