Industry investor identifies 10 clear reasons why Ethereum is on bull market footing

While ETH has been stagnating, the underlying Ethereum network is showing a confluence of signs that a bull market is near, according to Spencer Noon, the head of crypto-native investment fund DTC Capital.

10 signs we're headed for a new $ETH bull market .

Core to the bull case he laid out is two statistics: 1) the number of daily active addresses on Ethereum and 2) the value of stablecoins based on the blockchain.

The former statistic is up to 380,000 - "a figure not seen in over two years," or in other words, since the ETH bull market to over $1,000.

Other bullish signs he mentions include the growth in demand for high-gas ETH transactions, a growing fee market, a parabolic explosion in decentralized finance users, growth in the Ethereum and token holdings of DeFi projects, the absorption of value from other blockchains into Ethereum.

Noon's extensive thread on the imminence of the next Ethereum bull run comes shortly after Mythos Capital founder Ryan Sean Adams made a similar comment in his Bankless newsletter.

He shared the below image, indicating that there has been a tight correlation between the price of ETH and the aggregate fee Ethereum users spend each day to process transactions.

Certain market participants have begun to pick up on these trends, and have begun to anticipate an ETH bull run like Noon and his contemporaries.

The number of addresses with more than 1,000 ETH is up 0.11 percent in the past week.

There's also analysis suggesting that "Wallets associated with major players such as JPMorgan Chase, Reddit, IBM, Microsoft, Amazon, and Walmart" are stacking ETH too, though it isn't clear if these are formal investments by these Fortune 500 companies.