August 12, 2025
When Bitcoin is continuously pressured at the $120,000 mark, Ethereum shows no signs of retracement, instead fluctuating in the high range of $4200-$4350. Logically, regardless of the recent significant increase or the retracement effect following Bitcoin's rise, Ethereum should have faced a wave of adjustments based on the main players' trading logic. However, with such strong market conditions now, it is highly likely that this is driven by institutional buying—during the days Ethereum broke above $4100, there was undoubtedly a large volume of sell orders, but strong buying directly absorbed the selling pressure, a situation we have seen repeatedly with Bitcoin last year.
According to Surf data, in the past week, several U.S. companies collectively purchased over 2 million Ethereum, with total holdings skyrocketing from about 1 million to 3 million, corresponding to a market value of $13 billion. It is noteworthy that the rankings of the top three holders have changed again: mining company BMNR continues to lead with a stable holding of 1.15 million; sports company SBET follows closely with about 600,000, both of which have been increasing their ETH holdings over the past week, with stock prices also rising concurrently.
More concerning is the emergence of a strong competitor this week—FG Nexus. This company, formerly known as 'Fundamental Global', has explicitly transformed into a pure investment institution focused on Ethereum investment, currently acquiring 47,000 ETH. Although this number is still small, it is just the beginning: according to public information, the company has applied to issue $5 billion in stock, committing to use all raised funds to accumulate Ethereum. It must be said that these U.S. companies know how to play the game—they will become the biggest beneficiaries as long as Ethereum continues to rise, and to some extent, the fruits of the Ethereum community's decades of accumulation are being shared by these institutions.
From the data, it appears that Ethereum's purchasing power will not diminish in the short term. In the absence of significant market bearish factors, the price may continue to rise. Currently, the only potential bearish factor might be fluctuations in the U.S. stock market. To be honest, the recent surge in Ethereum has raised some concerns for me: will these aggressive operations by U.S. companies lead to a market crash? Will there be concentrated sell-offs in the future? However, in the short term (1-3 months), the likelihood of such risks seems low. Additionally, the expectation of interest rate cuts in September is also a potential positive factor, which may further stimulate the price.
However, it should be noted that even though I remain bullish on ETH, I do not recommend chasing high prices at the current levels—better entry points have been indicated multiple times before.
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