Ethereum reached $4,950 in August 2025, surpassing its 2021 record after nearly four years of consolidation, but it remains far below that level in 2026 despite spot Ethereum ETF approvals and growing institutional interest. In May 2026, ETH trades around $1,980–$2,300 with a market cap near $245 billion. Standard Chartered analyst Geoff Kendrick estimated Coinbase’s Base removed about $50 billion from ETH market capitalization by siphoning fee revenue from mainnet. Fee revenue fell 39% in March 2026, active addresses dropped 14%, and DEX trading volumes hit the lowest level since September 2024. In May 2026, spot ETFs recorded $401.62 million in outflows for more than 12 consecutive trading days. A Bank of Japan rate hike strengthened the yen, unwound carry trades, and pushed investors to exit high-risk assets like ETH to repay yen-denominated loans. ETH slid from about $3,000 at the start of 2026 to $1,743 in February before stabilizing.
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