Ethereum passes $4,300, making nearly all ethereum addresses profitable

Ethereum’s rally continues. 

The cryptocurrency has increased more than 18% in the last seven days to break through the $4,300 level, outpacing bitcoin, XRP, and solana. The last time the price of ethereum hovered around the $4,300 mark was in 2021, the same year the token set its all-time high of $4,878, data from CoinGecko shows. 

97% of ethereum addresses are currently in the green, according to data from analytics firm Sentora. 

The two largest ethereum treasury firms, BitMine Immersion Technologies and SharpLink Gaming, made two announcements to start the week, helping boost the price of the cryptocurrency and their respective shares. 

BitMine’s holdings of ethereum increased by $2 billion since last week’s press release, bringing its total to about $5 billion or 1,150,263 tokens, a public statement reported.

SharpLink Gaming, which expects its ethereum holdings to exceed $3 billion, announced entering into a securities purchase agreement for $400 million. Since August, the firm has raised nearly $900 million. “The speed and scale of these investments reflect not only investor trust in SharpLink, but also the growing recognition of Ethereum’s transformative potential,” SharpLink co-CEO Joseph Chalom said in a press release. 

Shares of Bitmine have jumped about 26% on the day, while SharpLink Gaming stock has risen nearly 10%.

In other developments: 

• Fundamental Global, which filed an S-3 registration statement with the SEC last week to sell $5 billion worth of securities, announced officially starting its ethereum acquisition strategy by accumulating 47,331 tokens for $206 million, according to a press release. Its shares soared on the news.

• US spot ethereum ETFs recorded their 13th straight week of inflows last week with $326.8 million, boosting cumulative inflows to more than $9.8 billion, per SoSoValue. Last week’s positive inflows reversed the investment vehicle’s largest daily outflow on August 3.

• The price action has also uplifted the network’s economic security, a product of its token value and total number of staked ethereum tokens, to a new all-time high exceeding $150 billion, per a Dune Analytics dashboard created by Hildobby, a data scientist at venture capital firm Dragonfly. 

• Meanwhile, chief investment officer and cofounder of investment fund Maelstrom Arthur Hayes entered the fray of whales buying ethereum. An address, identified as belonging to Hayes by data analytics platform Nansen, has scooped up 1,750 ethereum tokens worth about $7.5 million since Saturday. The wallet’s total portfolio stands at $24.3 million. 

• However, not everyone is buying. An address that participated in ethereum’s initial coin offering deposited about $10 million into centralized exchange Kraken on Sunday, per blockchain data analytics provider Lookonchain.