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ETH Hits $4,000 As Catalysts Align
Ether jumped 4.1% over the last 24 hours and cracked above $4K for the first time since December. The altcoin king outperformed Bitcoin (BTC), which was down 0.4% from Thursday, same time, to trade hands at around $116,105.
The world’s second-largest cryptocurrency has soared by roughly 49% over the past 30 days as Ethereum treasuries have skyrocketed. Tom Lee’s BitMine Immersion and SharpLink Gaming have amassed $2.9 billion and $1.9 billion of ETH, respectively, since adopting this strategy and are focused on adding more to their stashes.
These Ethereum treasuries are mirroring a model publicized by Michael Saylor’s Strategy (previously known as MicroStrategy), which pivoted from software development to purchasing Bitcoin in 2020. Strategy now owns 628,791 BTC worth over $72 billion. This is equivalent to about 3% of Bitcoin’s total supply.
Ethereum further got a positive fundamental boost after the U.S. Securities and Exchange Commission’s Division of Corporation Finance declared that certain properly structured liquid‑staking protocols and their receipt tokens generally do not constitute securities under U.S. law.
 
This clarity on liquid staking could open the floodgates to institutional capital, which has been open to investing in assets like ETH but not acquiring a yield through DeFi due to it previously being a regulatory gray area.
The Next Move Could “Melt Faces”
As Ethereum continues its blistering rally, Glassnode co-founders who go by the online alias “Negentropic” have issued a stunning forecast for the cryptocurrency.
In an Aug. 8 post on X, Negentropic suggested that Ethereum’s next move is already taking shape and will melt faces: “eth with a small breather, but the next move is loading and will melt faces.”
Source: https://zycrypto.com/ether-rockets-above-4000-for-first-time-since-december-2024-as-analyst-says-next-move-will-melt-faces/