Ethereum’s value rises above $4,300, putting most ethereum addresses in profit
Ethereum’s price surge has surpassed the $4,300 mark, marking a significant milestone for the popular cryptocurrency. This recent rally has seen Ethereum’s value increase by more than 18% over the past week, outpacing other major digital assets like Bitcoin, XRP, and Solana. The last time Ethereum reached this price level was back in 2021, when it hit its all-time high of $4,878, according to data from CoinGecko. Currently, about 97% of Ethereum addresses are experiencing profits, based on data from analytics firm Sentora.
In a notable development, BitMine Immersion Technologies and SharpLink Gaming, two of the largest Ethereum treasury companies, made significant announcements that have helped drive up the price of Ethereum as well as their own company shares. BitMine reported a $2 billion increase in its Ethereum holdings since the previous week, bringing its total to approximately $5 billion or 1,150,263 tokens. On the other hand, SharpLink Gaming revealed plans to surpass $3 billion in Ethereum holdings, with an announcement of a $400 million raise. Since August, SharpLink Gaming has raised close to $900 million. Joseph Chalom, the co-CEO of SharpLink, emphasized the growing confidence in Ethereum’s potential, stating, “The speed and scale of these investments reflect not only investor trust in SharpLink, but also the growing recognition of Ethereum’s transformative potential.”
Other significant developments include Fundamental Global’s commencement of its Ethereum acquisition strategy, investing $206 million to acquire 47,331 tokens, as well as the 13th consecutive week of inflows for US spot Ethereum ETFs, totaling $326.8 million. This positive trend has propelled cumulative inflows for these investment vehicles to surpass $9.8 billion. Furthermore, the surge in Ethereum’s price has contributed to a record-breaking economic security network value exceeding $150 billion, as shown in a Dune Analytics dashboard created by data scientist Hildobby from venture capital firm Dragonfly.
Moreover, noteworthy individuals in the cryptocurrency space are actively engaging in Ethereum investments. Arthur Hayes, the chief investment officer and co-founder of investment fund Maelstrom, recently acquired 1,750 Ethereum tokens worth $7.5 million. Hayes’ wallet currently holds a total portfolio of $24.3 million. However, not all investors are bullish on Ethereum, as evidenced by an address that initially participated in Ethereum’s ICO depositing around $10 million into centralized exchange Kraken.
Overall, Ethereum’s recent price surge to over $4,300 has not only solidified its position as a leading cryptocurrency but has also sparked increased activity and investment from prominent players in the industry. As Ethereum continues to make headlines and attract attention from both institutional and individual investors, its transformative potential remains a key driver of the ongoing momentum in the cryptocurrency market.
