Ethereum prices climbed sharply on Wednesday, pushing to nearly $4,700 per token—just a hair below its all-time high from November 2021—amid a rush of institutional interest and favorable policy shifts.
The world’s second-largest cryptocurrency is now up over 50% since the passage of the GENIUS Act last month, which set new regulatory guardrails for stablecoins.
The rally was also fueled by the U.S. Securities and Exchange Commission’s “Project Crypto” initiative, aimed at clarifying digital asset regulations, and a broad appetite from Wall Street firms seeking exposure to blockchain infrastructure. “Ethereum is the biggest macro trade over the next 10–15 years,” said Fundstrat’s Tom Lee, underscoring its central role as the foundation for most major crypto projects and stablecoins.
Corporate Treasuries Drive Demand for Ether
A surge in Ethereum accumulation by public companies has become a defining trend of this cycle. BitMine Immersion Technologies revealed plans to sell up to $20 billion in stock to boost its ETH holdings, with an ambitious goal of controlling 5% of all tokens in circulation. The announcement sent BitMine shares up roughly 80% in just five days.
Similarly, 180 Life Sciences—soon to be rebranded as “ETHZilla”—said it now holds nearly $350 million in Ethereum alongside $240 million in cash. The firm, backed by investor Peter Thiel, plans to steadily increase its Ethereum reserves over time, echoing the Bitcoin-focused playbook of MicroStrategy (MSTR).
These treasury strategies mirror the moves that propelled Bitcoin’s corporate adoption in prior years, but now target the Ethereum network, seen by many as the backbone for the next wave of decentralized finance and digital asset innovation.
Market Context: Policy Tailwinds and Rate Cut Hopes
The Ethereum rally comes alongside gains across the crypto market, with Bitcoin trading above $120,000 and altcoins such as Solana and Dogecoin also posting double-digit percentage increases this week. Optimism has been buoyed by expectations that the Federal Reserve will cut interest rates in September following softer-than-expected inflation data.
At the same time, the Trump administration has taken a friendlier stance toward crypto regulation, further encouraging institutional adoption. Analysts at Standard Chartered have raised their year-end price target for ETH to $7,500, with a long-term projection of $25,000 by 2028—though such forecasts often face steep reality checks.
Outlook: From Crypto Winter to Mainstream Finance
Ethereum’s rise from roughly $1,470 in April to today’s levels has been driven by a combination of regulatory clarity, corporate treasury accumulation, and macroeconomic tailwinds. With major companies openly building reserves and policymakers signaling support, ETH’s role in the global financial system appears more entrenched than ever.
Whether it can sustain this momentum will depend on the persistence of institutional inflows and the broader risk appetite in financial markets. But for now, Ethereum is not only closing in on a record—it is doing so with more powerful backers than at any point in its history.
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