Ethereum surpasses $4,300, resulting in nearly all ethereum addresses being profitable.

Ethereum’s Price Surge Continues

Ethereum is on a tear. In fact, the cryptocurrency has surged more than 18% over the past week, surpassing the $4,300 mark and outperforming Bitcoin, XRP, and Solana. It’s kind of striking, really, considering that Ethereum was floating around this price back in 2021 and even hit an all-time high of $4,878, as per Coingecko data.

Interestingly, recent stats from an analytics firm reveal that a whopping 97% of Ethereum addresses are currently in profit, according to Sentra.

On another note, two major players in Ethereum finance—Bitmine Immersion Technologies and Sharplink Games—made headlines with their announcements at the beginning of the week, which seemed to pump the cryptocurrency’s price as well as their own shares.

Bitmine disclosed that its Ethereum holdings climbed by $2 billion since last week’s update, bringing its total to around $5 billion, or 1,150,263 tokens. This was highlighted in an official statement. Meanwhile, Sharplink Gaming anticipates its own Ethereum holdings will surpass $3 billion, backed by a forthcoming $400 million securities purchase agreement. Since August, they’ve actually managed to raise close to $900 million. Joseph Chalom, co-CEO of Sharplink, noted that “the speed and scale of these investments reflect not only investors’ trust in Sharplink, but also the growing awareness of Ethereum’s transformational potential.”

As a result of these developments, Bitmine’s shares increased approximately 26% on that day, while Sharplink’s stock experienced a nearly 10% uptick.

Additional Updates

Basic Global announced last week that it plans to kick off an Ethereum acquisition strategy by filing an S-3 registration statement with the SEC to sell $5 billion in securities and has already accumulated 47,331 tokens for $206 million. The stock saw a significant spike following this news.

U.S. Spot Ethereum ETFs recorded a 13th consecutive inflow, totaling $326.8 million last week. This influx effectively reversed the prior largest daily outflow of investment vehicles noted on August 3rd.

The recent price increase also stems from the economic stability of the network, with the total value of suspicious Ethereum tokens reaching a historic high of over $150 billion, as explained by Dune Analytics, a project run by data scientist Hildobby.

Meanwhile, Arthur Hayes, the Chief Investment Officer and Co-Founder of an investment fund, has joined the so-called “whale battle,” purchasing Ethereum. Data analytics platforms have identified a specific address linked to him, where he bought around 1,750 Ethereum tokens worth roughly $7.5 million. His total wallet holds about $24.3 million in assets.

However, not everyone is optimistic. Some addresses, particularly those from the initial coin offering of Ethereum, reportedly deposited around $10 million into the centralized exchange Kraken this past Sunday, which was tracked by blockchain analytics provider Lookonchain.