The ceiling for Ethereum pricing no longer belongs to the OGs who were the first to call for a bull market, but to the Wall Street capital that knows how to tell a story.

Originally, no one would have thought that the 'top seat' of Ethereum corporate holdings would change hands within 35 days.

Represented by Tom Lee, the company behind BitMine achieved this: this small company, previously unnoticed on Nasdaq, managed to raise its ETH holdings from zero to 830,000 coins through a PIPE financing and three rounds of structured increases, completing a dramatic comeback against SharpLink to become the world's largest ETH treasury.

This is not just a matter of numbers, but also a contest between two different lineages of capital — SharpLink, representing 'crypto OGs', gradually accumulating coins and waiting for a rise; and BitMine, representing 'Wall Street power', realizing profits through promotion. Low costs and high leverage, the mindset of hoarding coins and narrative strategies, are a direct clash of two worldviews.

They not only differ in their methods of buying coins, but are also competing to answer a pivotal question: In the next phase of crypto finance, who has the right to define the 'price' of ETH?

We attempt to understand this quietly occurring yet intense industry shift from multiple perspectives. #ETH突破4300 $ETH