Source: cryptoslate
Translation: Blockchain Knight
On August 12, Ethereum (ETH) rose over 5%, breaking through $4,600, reaching its highest price since December 2021.
This increase coincided with corporate treasury purchases, record inflows into U.S. spot ETFs, and growing market expectations for a potential interest rate cut by the Federal Reserve at its September policy meeting.
The latest price movement occurred after the release of the U.S. Consumer Price Index (CPI) data, which showed an annual inflation rate above the central bank's 2% target, but overall met expectations.
This data prompted market participants to increase their bets on the Federal Reserve implementing its first interest rate cut since 2020, which would ease the borrowing environment across the financial markets.
Bitmine Immersion Technologies disclosed plans to raise up to $20 billion for further acquisitions of Ethereum. The company currently holds approximately $5 billion in ETH, making it one of the largest corporate holders of the second-largest cryptocurrency.
Its large-scale accumulation aligns with the broader trend of corporations incorporating digital assets into their treasury strategies, a trend that is accelerating as institutional access to the crypto market continues to expand.
On August 11, net inflows into U.S.-listed Ethereum spot ETFs reached $1 billion, setting a single-day record since their launch this year. This also marked the second time in August that net inflows exceeded those of Bitcoin spot ETFs.
Over the past month, the Ethereum to Bitcoin exchange rate has strengthened, with the ETH/BTC ratio rising nearly 50% to above 0.37, although it remains 15% lower than a year ago.
After a period of relative stagnation against Bitcoin, Ethereum's market share has been steadily increasing in recent weeks.
The network occupies a significant share of activity in asset tokenization, DeFi, and blockchain settlement systems that simulate traditional market infrastructure. Recent software upgrades aimed at enhancing scalability and reducing transaction costs have supported these applications.
Regulatory dynamics have also shaped the current environment. In the U.S., the passage of the GENIUS Act has provided clearer guidance for certain digital asset activities, which is considered one of the factors for institutional re-engagement.
Meanwhile, other digital asset treasuries, including Sharplink, have also increased their ETH holdings, further boosting market demand. The combination of corporate accumulation, strong ETF inflows, and the potential for looser monetary policy has collectively driven Ethereum to its highest price in nearly five years.
Although previous surges have often been accompanied by high volatility, the current market environment reflects a confluence of multiple driving factors, with sustained capital inflows into the asset in recent weeks.
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