Author: White55, Mars Finance

In the early hours of the Asian time zone, while investors were still asleep, Ethereum once again broke through $4600, reaching a three-year high, while Bitcoin aimed for the $120,000 mark. A crypto frenzy driven by institutional capital is sweeping the global market — Ethereum has surged 228% in just four months (from a low of $1385 in April to $4640), combined with a macroeconomic tailwind as the Nasdaq and Dow Jones indices rose over 1% during trading, igniting this "frenzied bull market."

BitMine's epic $20 billion financing plan to gobble up ETH, along with SharpLink's single-day purchase of $23.1 million, has pushed institutional FOMO to a boiling point; meanwhile, the brutal scene of $474 million in liquidations over 24 hours on-chain (with shorts taking $344 million) has become the most brutal footnote of this capital feast.

As ETH is just a step away from its historical peak of $4868, the crypto market officially enters a new era of "institutional dominance, with Ethereum leading the way."

BitMine's Epic Financing of $20 Billion: A Paradigm Shift in Institutional ETH Acquisition

The market compares BitMine Chairman Tom Lee to the "Ethereum version of Michael Saylor," as he replicates MicroStrategy's balance sheet strategy — financing through stock issuance and massively allocating crypto assets, reshaping traditional capital's perception of ETH's value.

BitMine submitted documents to the U.S. Securities and Exchange Commission (SEC)

Blockchain technology giant BitMine Immersion Technologies (BMNR) submitted documents to the U.S. Securities and Exchange Commission (SEC) on August 13, announcing plans to raise an additional $20 billion to increase its holdings of Ethereum (ETH), bringing its total available ETH purchasing funds to $24.5 billion (including the previously disclosed $4.56 billion).

If the plan is completed, BitMine's total ETH holdings will account for nearly 5% of the global circulation.

Stimulated by this news, BitMine's stock price surged 5.6% in a single day, with a cumulative increase of over 600% this year.

Three Engines Driving ETH's Explosive Rise: Institutions, ETFs, and Short Squeeze

Institutional Capital Flood Disrupts Supply-Demand Dynamics

Spot ETFs Continue to Attract Capital: U.S. spot ETH ETFs have seen net inflows for 14 consecutive weeks, with a cumulative scale exceeding $25.7 billion. On August 12, Ethereum achieved a single-day net inflow of over $1 billion for the first time, leading to complete institutional FOMO.

Public Companies "MicroStrategy-izing" ETH: 85 U.S. companies have included Ethereum in their balance sheets, with total holdings rising from 0.7% of circulation in 2023 to 1.9%. Giants like SharpLink and BitMine hold over $3.5 billion in value.

On August 13, SharpLink initiated another buying spree, increasing its holdings by 5,226 ETH (approximately $23.1 million), bringing its total holdings to 604,000 ETH, valued at $2.69 billion, firmly securing the second position in institutional holdings;

On August 13, billionaire Peter Thiel acquired 7.5% of Ethereum treasury company ETHZilla (ATNF), driving its stock price to surge 146% in a single day, with a trading volume of $689 million.

Short Liquidations Trigger Positive Feedback Loop

As ETH broke through $4600 and BTC approached $120,000, the total liquidation amount across the network surged to $474 million over 24 hours, affecting over 110,000 people.

Shorts Suffer Heavy Losses: In the past 24 hours, short positions liquidated amounted to $344 million, with Ethereum shorts accounting for 76% ($262 million); the acceleration of short covering further boosted buying pressure, creating a positive cycle of "rise - short squeeze - further rise."

Long-Short Dynamics Reverse:

Currently, Ethereum's holding amount has surpassed $63 billion, setting a new record. Coinglass data shows that if Ethereum breaks through $3700, over $800 million in short liquidations will occur.

ETH/BTC exchange rate rises to 0.038, recovering all declines since 2025, with a clear trend of capital migrating from Bitcoin to altcoins.

Bitcoin Consolidates at High Levels: Gearing Up to Challenge the Historical Peak of $135,000

BTC/USDT 4-hour chart.

Despite ETH stealing the spotlight, Bitcoin remains firmly at the key level of $120,000, just about 2% away from its historical high of $123,200 set in December 2024. The technical outlook shows a tug-of-war between bulls and bears:

• Daily Level: The 20-day moving average ($116,779) and the 50-day moving average ($114,366) provide support, with RSI remaining in positive territory. If it breaks through the resistance at $123,200, it is expected to open up upward space to $135,000;
• 4-Hour Level: The price is operating within an ascending channel. If it effectively holds above $123,200, it may accelerate towards $127,700, further challenging the $135,000 target.

Altcoin Season Erupts: BNB, Chainlink, and Uniswap Technical Breakthroughs

BNB: Consolidation Preparing for a Breakthrough

BNB/USDT 4-hour chart.

Daily Level: The price is consolidating in the $792-$827 range. If it breaks through the resistance at $827, it may accelerate towards $861 and even $900; the 20-day moving average ($787) is a key support;

4-Hour Chart: A bearish divergence signal has appeared. If it breaks below the 50-day moving average, the short-term trend will weaken.

Chainlink (LINK): Strong Breakthrough at $22.7

LINK/USDT 4-hour chart.

Daily Level: After breaking through the resistance at $22.7, it has started to accelerate upward, targeting $27. If it holds, it may challenge $30; $20.83 is the dividing line between bulls and bears;

4-Hour Chart: The 20-hour moving average provides strong support, and the RSI indicates overbought conditions, showing bullish dominance.

Uniswap (UNI): Gearing Up to Challenge the $12 Mark

UNI/USDT 4-hour chart.

Daily Level: The 50-day moving average ($9.05) forms strong support. If it breaks through the resistance at $12, the target looks towards $15; the 20-day moving average ($10.19) serves as a pullback defense line;

4-Hour Chart: Bulls are firmly holding the 20-hour moving average, and breaking through $12 will open up space to $14-$15.

Frenzied Bull Market Begins: ETH Aiming for a Historic New Era at $5,000

Current technical indicators are bullish for ETH across the board:

• Target Price: After breaking through $4600, the short-term target moves up to $4868 (previous high). If it holds, it will open up space to $5,000-$6,000;
• Long-Term Momentum: Standard Chartered Bank raised its year-end target for ETH to $4,000, while institutions like TokenAlchemist are bullish on $15,000; if the technical pattern replicates the "expanding wedge" from 2017, it may challenge $7,000-$8,000 by the end of the year.

Market Proverb: When BlackRock attracts $255 million in a single day, public company ETH reserves exceed 3.04 million, and ETH dominates 83.69% of the RWA tokenization market, this is no longer a retail frenzy but an epic turning point in institutional capital reallocation. The assertion of Ethereum co-founder Joseph Lubin is becoming a reality: "What we are building is not cryptocurrency, but the operating system of the digital economy."

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