By rahmat hidayat

Saturday, August 9, 2025

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ETH Breaks $4k As Treasury Companies Allocate

The Blockchain Sector @ 2025-08-08

Aug 8

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Ethereum has broken above $4k as Bitcoin consolidates.

We have this kind of quadruple top pattern where it previously tapped $4k in March, May and December 2024. Will this time be different or will it retrace from here?

There are some important factors driving ETH’s outperformance recently.

ETH treasury companies started buying in bulk adding to demand
Ethereum went from being the most hated project to a darling of crypto

ETH Treasury Companies

Corporate treasuries are buying Eth, a wave of small and mid-cap public companies has started accumulating ETH as a treasury reserve asset, swelling corporate on-chain holdings sharply year-over-year.

Reuters estimates corporate treasuries collectively holding roughly 966,304 ETH (~$3.5bn) as of early August 2025, a big jump from under ~116,000 ETH at the end of 2024.

“ETH just being an asset that companies can have as part of their treasury is good and valuable, giving people more options is good”
- Vitalik Buterin (Ethereum co-founder)

BitMine Immersion holds over $1 billion in ETH, SharpLink Gaming owns 438,200 ETH, and The Ether Machine manages 334,800 ETH

Standard Chartered predicts treasuries could control 10% of ETH’s supply, amplified by BlackRock’s ETF staking plans and SEC approved in-kind redemptions.

This direct buying creates demand which is pushing prices up.

Sentiment Shift

A year or two ago the narrative around Ethereum was fragmented, regulatory uncertainty about staking, debate over suitability for ETFs, and periodic concerns around supply and tx fees.

Saylor was/is a maxi and he was buying Bitcoin by the billion $ and it lead to huge outperformance for some time.

Still today I think Wall St. sees Ethereum as silver to Bitcoin’s gold. But the narrative is shifting and slowly we will see appreciation for the differences between the technology and assets.

The combination of spot ETF approvals, continuing adoption, web3 expansion, and visible corporate accumulation has altered sentiment. Ethereum now appears more investible to a broader set of allocators.

That mindset change is self-reinforcing, inflows beget headlines, headlines beget more flows. Mr market aka crypto twitter, has experienced a full pendulum swing

There are other factors as well…

Solana, perhaps the closest competitor, has taken two steps forward and one step back after the decline of pump.fun
Spot ETF’s have opened it up to a wider audience of potential asset allocators.
Positive changes in US regulatory environment, especially at the SEC.
From a TA perspective there’s not much between $4k and a new all time high

So maybe, just maybe this time will be different to the previous bounces off $4k in 2024.

What’s good for Ethereum is good for everything else in crypto. The opportunity is in the next big thing…