Bullish Ethereum Account that Surged 7X Makes Another Move, Predicts Ethereum Will Break $3,200 This Month

According to PolyBeats monitoring, on the prediction market Polymarket, an account has bet $3.0k on "Will Ethereum break $3,200 in September?", with an average buy-in probability of 8.1%. The current probability for "Yes" is 6.3%.

This account had previously bought into "Ethereum breaking $2,500 in August" before the latest bull run, realizing a 677% return (missing out on 30x gains due to profit-taking).

Currently, Ethereum is priced around $2,403, still about 33.2% away from $3,200. Data from Farside Investors today shows that the U.S. spot ETH ETF saw net inflows for 12 consecutive trading days from August 17 to September 1, totaling around $1.60 billion. On September 2, there was a net outflow of $47.7 million, with Fidelity's FETH seeing outflows of $26.2 million and Grayscale's ETHE seeing outflows of $23.5 million.

There is still high demand for Ethereum staking. ValidatorQueue data for the 3rd day indicates that about 2.09 million ETH are waiting to enter the validator queue, with an estimated wait time of over 36 days, while the queue exits remain at zero. Currently, approximately 42.6 million ETH are participating in staking, representing about 34.94% of the supply.

On the 2nd day, Reuters reported that international oil prices surged approximately 25% in less than a month, driven by inflation concerns that pushed up global bond yields. Federal Reserve discussions continue to lean towards maintaining high-interest rates or further tightening. Energy prices, the U.S. dollar, and interest rate expectations are expected to continue influencing the funding environment in the crypto market for September.
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