Original | Odaily Planet Daily ( @OdailyChina )

By Wenser ( @wenser 2010 )

Market data shows that early this morning, ETH broke through $4,600 and is currently trading at $4,670, less than 5% away from its all-time high . BTC stabilized around $120,000, currently trading at $119,614. The total market capitalization of the cryptocurrency market exceeded $4.1 trillion, currently at $4.13 trillion, a new all-time high. The top 10 cryptocurrencies by market capitalization, including Solr, XRP, and BNB, all saw varying degrees of growth. The most pressing questions for crypto investors today are: When will ETH reach a new high? Are the key drivers of this cycle sufficient to support further increases? What is the ceiling for ETH's price? Odaily Planet Daily will briefly analyze these questions in this article.

ETH is on track to hit a new all-time high before this Friday

At around 8 PM yesterday, ETH once again broke through 4,400 USDT, a 5.3% increase over the past 24 hours. Around 1 AM today, ETH broke through 4,500 USDT, a 4.9% increase over the past 24 hours. Around 4 AM today, ETH broke through 4,600 USDT, a 8.94% increase over the past 24 hours.

With the support of many favorable factors such as the continued net inflow of ETH spot ETFs, the ETH Reserve Treasury Company and the expectation of the Federal Reserve's interest rate cut in September , ETH has been rising with great momentum. Judging from the 24-hour increase in recent days, it may break through the historical high as early as this Friday.

The main driving force behind ETH's rise: ETH reserve listed companies and institutions, and ETH spot ETF net inflows

Looking at the surge in ETH over the past three months, the main driving factors are the massive influx of buying from traditional capital markets and the expectation of market purchasing demand.

ETH reserves overall data: total reserves of nearly 3.6 million, worth $16.5 billion

According to data from the StrategyEthreserve website , the cumulative reserves of ETH by various entities have exceeded 3.57 million ETH, valued at approximately $16.5 billion. Bitmine and Sharplink rank first and second on the list, with reserves of 1.2 million and 600,000 ETH, respectively.

ETH reserves overall data

ETH spot ETF continues to see net inflows

Meanwhile, ETH spot ETFs have also been popular among investors in traditional financial markets, experiencing net inflows for six consecutive days from August 5th to 12th. On August 11th, the total net inflow into Ethereum spot ETFs exceeded $1 billion, reaching $1.019 billion, a record high . As of August 12th, the total amount of ETH spot ETFs held reached 6.2 million ETH, valued at $28.62 billion, representing approximately 5.13% of the total ETH supply.

ETH Spot ETF Related Data

Specifically, major ETH reserve entities are still increasing funds to expand the scale of ETH reserves.

"ETH Strategy" No. 1: Bitmine plans to raise up to $24.5 billion in a rights offering to acquire more ETH

According to public documents from the U.S. SEC , Nasdaq-listed company Bitmine Immersion plans to increase the total amount of common stock that can be sold under the sales agreement to up to $24.5 billion to acquire more ETH, including up to $2 billion according to the prospectus, $2.5 billion according to the prospectus supplement, and an additional $20 billion according to the latest prospectus supplement.

From 2 billion to 4.5 billion, and then to 24.5 billion, Bitmine, led by Tom Lee, has been rushing on the road to large-scale reserves of ETH.

SharpLink continues to increase its ETH holdings, exceeding 600,000

According to Lookonchain monitoring , SharpLink (SBET) increased its holdings by another 5,226 ETH last night, worth $23.1 million.

The latest data shows that SharpLink currently holds 604,026 ETH, worth US$2.69 billion, ranking second in institutional Ethereum holdings.

ETHZilla (180 Life Sciences): holds approximately $350 million in ETH and $238 million in cash equivalents

Nasdaq-listed company ETHZilla (formerly 180 Life Sciences) recently announced that it currently holds 82,186 ETH with an average acquisition price of US$3,806.71, currently worth US$349 million. In addition to ETH, the company also holds approximately US$238 million in US dollar cash equivalents.

Fundamental Global, a US-listed company, plans to raise up to $5 billion to purchase ETH and fund business operations.

On August 8 , Nasdaq-listed Fundamental Global Inc. filed a Form S-3 registration statement with the U.S. Securities and Exchange Commission, proposing a multi-tranche offering of securities totaling up to $5 billion. The company plans to use substantially all of the net proceeds from this offering of common stock to purchase ether (ETH), with the remainder to be used for working capital needs, general corporate purposes, and operating expenses.

Earlier news, Fundamental Global announced that it had completed a $200 million private equity financing, with participation from Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group (DCG) and Kenetic.

BTCS, a US-listed company, plans to raise $2 billion to expand its ETH reserves.

According to media reports , Nasdaq-listed BTCS Inc. plans to raise up to US$2 billion through at-the-market (ATM) offerings, convertible bonds and warrants. The proceeds will be used to expand ETH reserves, working capital and other general corporate purposes.

Nasdaq-listed company Intchains Group partners with FalconX to expand ETH reserves

In early August , Nasdaq-listed company Intchains Group announced a partnership with digital asset prime broker FalconX to expand its ETH reserves. The partnership aims to improve ETH acquisition efficiency and explore potential revenue growth through structured ETH yield strategies. Specific implementation will depend on market conditions and risk considerations.

Peter Thiel joins the ETH reserve camp: holding 9.1% of Bitmine and 7.5% of ETHZilla

It is worth mentioning that as a representative figure of Silicon Valley venture capital, Peter Thiel also occupies an important position in the ETH reserve trend.

Previously, SEC documents showed that PayPal co-founder and Silicon Valley venture capital giant Peter Thiel had acquired a 9.1% stake in BitMine Immersion Technologies.

Yesterday, news broke that PayPal co-founder Peter Thiel and his investment team hold a 7.5% stake in 180 Life Sciences (now known as ETHZilla). This follows news that the publicly listed company, 180 Life, announced on July 29th that it plans to raise approximately $425 million in a private placement and transform itself into an Ethereum treasury reserve company.

As cryptocurrency becomes a crucial voice in the economy and finance, the ETH reserve camp will be the absolute authority in controlling market pricing. Silicon Valley and even American capital are unwilling to miss out on this piece of the pie.

Where is the ceiling for ETH? It will rise to $20,000

The next crucial question for the current market is: What is the price ceiling for ETH? As market sentiment becomes increasingly greedy, representative market opinions tend to be more radical and bold. The following are the views of industry representatives and institutions:

Analyst: ETH price upward channel has opened, the highest target price may be $20,000

Analyst Merlijn stated that ETH's price has opened an upward channel, and the current maximum target price may be set at $20,000. In addition, trader BitBull pointed out that driven by a large-scale short squeeze and institutional buying, ETH prices may be more likely to reach new historical highs. If the weekly closing price is above the $4,100 range, a new historical high may appear within 1-2 weeks. It is reported that ETH's previous high was approximately $4,875, which was set in November 2021.

Bitmine Chairman: ETH may rise to $16,000

Thomas Lee, chairman of the board of directors of BitMine (BMNR), said that if the high level of the Ethereum to Bitcoin (ETH/BTC) exchange rate in 2021 is referred to, the price of ETH may rise to US$16,000.

Placeholder Ventures partner: ETH conservatively rises to $8,000, optimistically rises to $13,000 and higher

Chris Burniske, partner at Placeholder Ventures, noted that market sentiment surrounding ETH has shifted dramatically over the past month, transforming it from a "hated" asset to a "market darling." Resurgent institutional investor activity is also supporting ETH's bullish outlook. For example, on-chain data shows that SharpLink Gaming recently added 77,210 ETH to its Ethereum treasury. Analyst "Wolf" outlined two scenarios for ETH's price action, predicting a "conservative" target of $8,000 and an "optimistic" scenario of $13,000 or even higher.

Greeks.live: $4,300 may be an important support level for ETH, and it is expected to rise to the $4,900-5,000 range

Adam, a macro researcher at Greeks.live, noted in a post that the group is showing a clear bullish sentiment on the market, with traders generally focused on the potential impact of tonight's CPI data on the market. Most members believe Ethereum is performing strongly, with the key $4,300 price level acting as significant support, and anticipate a potential breakout above its all-time high, reaching the $4,900-5,000 range.

Yi Lihua: A super bull market is coming, ETH will rise to $4,800, and mainstream currencies will start to rise

Liquid Capital founder Yi Lihua wrote : "The trade war has ended, expectations of interest rate cuts have begun, and a super bull market is here. According to the law of rising prices, BTC will rise after ETH, and ETH has reached a new high near 4800. Next, mainstream coins will rise in turn. Mainstream coins such as LTC, ENA, and UNI are all well-positioned. Finally, the altcoin season has begun. Especially for altcoins with strong fundamentals, it is important to hold spot stocks and do not short them. For those outside the circle who ask whether they can buy, our unified recommendation is to allocate 10% of your assets to buy."

To sum up, Yi Lihua, who was the first to say that "ETH price will soon exceed 3,000 US dollars", is actually the most conservative one.

Finally, according to 8 Marketcap data , ETH's market capitalization is currently reported at $560 billion, surpassing US-listed Netflix to rank 25th in global asset market capitalization. And this may just be the beginning. For ETH, the next market capitalization target may be payment giant Visa, ranked 21st.

ETH Market Cap Ranking