Ethereum

Grayscale, a major US asset manager, published a report on the 26th analyzing the Treasury's expanded buyback of US government bonds, arguing that the buybacks only address the symptom of rising interest rates and do not resolve the root cause of structural fiscal deficits. On the 19th, the Treasury announced it would double the size of long-term bond buybacks to $4 billion per operation from $2 billion, and on the same day, US public debt surpassed $40 trillion for the first time. Grayscale analyzed that with private capital demand expanding amid AI-related investment, the simultaneous increase in funding needs from both the government and private sector is pushing up interest rates. It stated that the unchecked growth of government debt undermines confidence in fiat currencies, prompting investors to seek alternative stores of value with issuance caps, such as gold and certain cryptocurrencies, and named Bitcoin, Ethereum, and Zcash as beneficiaries. However, the increased amount applies to auctions from September 9 to November 4, with the additional size over regular refinancing plans being only about $14 billion, and some market participants view the impact as limited. Additionally, since Grayscale listed the Zcash Trust as a spot ETF, ZCSH, on the 25th, some suggest the report may be aimed at supporting its own product, while others note that gold's longer track record does not automatically give cryptocurrencies an advantage.

Tom Lee, chairman of BitMine, has predicted that Ethereum could easily trade above $10,000 by 2027 or 2028, driven by a new crypto bull cycle, Wall Street tokenization, and growing AI adoption. Speaking to Bankless on Wednesday, Lee argued that a fresh bull cycle should push ETH back above $5,000, and with additional demand from tokenized financial assets and AI systems, the cryptocurrency could reach five figures. Ethereum currently trades near $2,470 after a roughly 27% weekly rebound, according to CoinGecko data. Lee's forecast comes after several of his previous short-term targets missed, including a November 2025 prediction of a rally to $7,000-$9,000 by January 2026, which never materialized. He also endorsed a more aggressive scenario where ETH could eventually exceed $250,000, though that has no stated deadline. BitMine has accumulated approximately 5.82 million ETH, close to 5% of Ethereum's circulating supply, and has been buying for over 60 consecutive weeks.

As Bitcoin fell 1.9% on rising U.S. Treasury yields, Ethereum declined only 1.6%, maintaining a level above $2,400. U.S. spot Ethereum ETFs saw inflows totaling approximately $1 billion over nine consecutive trading days, and Bitmain Immersion Technologies purchased an additional 32,447 ETH. While the amount of ETH waiting to enter staking increased by 1.28%, traders in prediction markets still hold positions anticipating further price declines. ETF inflows and Bitmain's buying have supported the market, keeping ETH above $2,400.

TORICO, which operates 'Manga Zenbu Dot Com' and is advancing an Ethereum (ETH) treasury strategy, announced on August 26 that it had acquired additional ETH. The previous day, August 25, it also disclosed an increase in purchases, marking the second consecutive day of announced purchases. The latest acquisition was approximately 56 ETH, with a purchase amount of about 22.1 million yen. This brings the cumulative holdings, including staking income, to approximately 2,895 ETH, with a total acquisition cost of about 1.2258 billion yen. According to the financial results materials released by the company on August 13, as of the end of the first quarter of the fiscal year ending March 2027 (end of June 2026), the valuation of approximately 2,773 ETH held was about 707.9 million yen, against an acquisition cost of about 1.17883 billion yen, resulting in an unrealized loss of approximately 470 million yen. In the recent cryptocurrency market, ETH has recovered to the 400,000 yen level. If the current cumulative holdings are calculated at 1 ETH = 400,000 yen, the latest valuation would be approximately 1.1578 billion yen. This would reduce the current unrealized loss against the total acquisition cost to about 68 million yen, an improvement of approximately 400 million yen from the end of the first quarter.

Galaxy Digital has launched a crypto-backed portfolio line of credit on its GalaxyOne platform, allowing eligible U.S. clients to borrow against Bitcoin, Ethereum, and Solana without selling their holdings. The revolving credit line combines eligible BTC, ETH, and SOL under one facility, with staked SOL usable as collateral without unstaking, and carries no origination fee with a variable 8.99% annual percentage rate. Lines begin at a 50% loan-to-value ratio with interest-only monthly payments and funding typically available instantly in U.S. dollars or USDC. Collateral is not rehypothecated, and the product is initially available to eligible clients in 40 U.S. states. The launch expands GalaxyOne beyond trading and investment access into consumer lending.

Ethereum has continued to expand its dominance in the stablecoin market amid rising demand from investors, fortifying its position as the leading blockchain for stablecoin transactions. The network's stablecoin market capitalization surged past $400 million within a single 24-hour period, underscoring accelerating adoption. This growth reflects heightened investor appetite for stable assets on Ethereum's infrastructure.

Nikita Bier, a former product lead at X and current advisor, revealed in a post on X that a trading button for crypto assets will appear soon. He said he developed Cashtags, X's stock and crypto information feature, noted that Solana and Ethereum charts can now be added to posts, and stated that a trading button will also be introduced soon. X rolled out Cashtags to iPhone users in the United States and Canada in April, and in Canada there is already a mechanism where a Trade button takes users to the online brokerage Wealthsimple to execute trades. It is not clear whether this trading button refers to an expansion of supported regions or a new feature, and it is not an official announcement by X.

Bitmine acquired another 32,447 ETH last week, a purchase worth roughly $81 million, pushing its total holdings to 5,847,611 ETH valued at around $15 billion as of August 23. The company is now roughly 187,000 ETH short of its self-imposed target of owning 5% of Ethereum's supply, which equals about 6.04 million ETH against Ethereum's approximately 120.7 million token total. The purchase came as Ethereum posted its largest weekly gain in more than a year, rising roughly 31% since August 19, with ETH trading just under $2,500. Bitmine has staked 87% of its ETH, or 5,067,309 tokens, and projects $330 million in annual staking revenue. Chairman Tom Lee said the weekly gain of more than 30% signals a launch point for a larger move in ETH, citing easing financial conditions, White House support for crypto, and Treasury purchases of long-term bonds.

Ethereum's developer team submitted a new deposit contract proposal to the EIP repository on GitHub on the 24th, designed to prepare for the risk of signature decryption by future quantum computers. The proposal is registered under the provisional number EIP9999 and adopts a mechanism that specifies a scheme identifier for each deposit, with a design capable of handling variable-length public keys and authentication information. The contract's state is managed in three stages: inactive, active, and deprecated, and in the final stage it unilaterally stops accepting new BLS-based registrations. The proposal is in draft stage, and the formal EIP number and implementation schedule are undecided.

Bitmine Immersion Technologies has disclosed a crypto and moonshot portfolio valued at US$14.9b, alongside fresh Ethereum purchases that bring its holdings close to 5% of ETH supply. The announcement coincided with a 52.88% share price rebound over 30 days, though the one-year total shareholder return remains down 51.32%. The stock trades at a price-to-book ratio of 1.3x versus a peer average of 5.3x and a US Software sector average of 3.1x, while a Simply Wall St discounted cash flow model values future cash flows at just $0.01 per share against a last close of $24.14. The company is currently loss-making, reporting a loss of $8,772.21m on revenue of $61.20m, with forecasts for revenue to grow 75.6% per year.

Strategy raised $2.01 billion last week through the sale of 18.26 million MSTR shares but did not purchase any bitcoin, leaving its holdings unchanged at 840,447 bitcoin. The company added about $300 million to its protected reserve and set aside $1.59 billion as a USD cash pool for future bitcoin purchases or stock buybacks. This marks the first time Strategy has raised capital without immediately deploying it into bitcoin, according to Scott Melker. Meanwhile, Bitmine continued buying Ethereum, acquiring 32,447 ETH for $81 million, its largest weekly purchase since early July.

U.S. spot Bitcoin and Ethereum ETFs added roughly $23 billion in total value last week, but only $2.6 billion of that came from new investor money. Bitcoin ETFs took in $1.92 billion in net inflows for the week ending August 21, while Ethereum funds added $697.2 million, the strongest combined week since October 2025. The rest of the asset growth came from price appreciation, with Bitcoin ETF assets climbing 25.4% to $96.1 billion and Ethereum ETF assets jumping 35.9% to $14.3 billion. Bitcoin rose about 24% to briefly top $79,000, and Ethereum gained about 30% to above $2,500, driven by the U.S. Treasury's expanded long-bond buyback program, President Donald Trump's meeting with crypto executives and push for the Clarity Act, and a short squeeze that liquidated roughly $4 billion in bearish positions over two days. BlackRock's IBIT captured the largest share of new money, while XRP funds drew $39.78 million in inflows and set a record weekly volume of $271.74 million. Despite the rally, Bitcoin and Ethereum ETFs remain in net outflows for 2026, with the combined year-to-date deficit narrowing from $5.7 billion to $3.1 billion.

The Securities and Exchange Commission is seeking public comments on draft regulations covering the establishment and supervision of crypto ETFs in Thailand, including principles for upgrading the qualifications of foreign digital asset custodians serving mutual funds and private funds that invest in digital assets. The draft rules require crypto ETFs to be passively managed, with average crypto net exposure over the accounting year of at least 80 percent of net asset value, and initially permit investment only in Bitcoin and Ethereum. At the same time, the SEC will allow digital asset custodians and other qualified digital asset business operators to register as trustees for crypto ETFs under Section 121 of the Securities and Exchange Act of 1992. In the initial phase, digital asset custodians must primarily be based in Thailand, and the SEC may allow the use of foreign digital asset custodians in the future if deemed necessary and appropriate. Interested parties can submit comments through the SEC website or the central legal system until September 20, 2026.

US spot Bitcoin and Ethereum ETFs recorded combined net inflows of approximately 2.6 billion dollars over the five trading days through August 21, marking their largest weekly total since October 2025. According to crypto data provider SoSoValue, Bitcoin spot ETFs attracted roughly 1.9 billion dollars, while Ethereum spot ETFs drew in 697.2 million dollars. The weekly net inflow for Bitcoin spot ETFs was the highest since the week ending October 10, 2025, bringing cumulative net inflows to 53.7 billion dollars. Ethereum spot ETFs also reached their highest level since the week ending October 3, 2025, with cumulative net inflows now at 12.2 billion dollars. The previous week saw combined net outflows of 392 million dollars across both ETF categories, meaning fund flows improved by about 3 billion dollars in a single week. However, year-to-date in 2026, Bitcoin spot ETFs still show net outflows of roughly 2.9 billion dollars, and Ethereum spot ETFs about 191.8 million dollars, indicating that outflows continue to exceed inflows overall.

Bitmine Immersion Technologies increased the value of its crypto reserves by $2.2 billion in a single day amid a major Ethereum rally that pushed the altcoin above $2,200, according to CryptoQuant's analyst Maartunn.

Bitcoin broke out to touch $69,000 this morning, rising 6%, while Ether jumped 16% amid signs of funds flowing back into spot Bitcoin ETFs and a weaker dollar following the US government's bond buyback measures. The market is also watching the CLARITY Act, which is expected to return for consideration in September and could help set clearer rules for digital asset regulation. On the charts, Bitcoin has broken above the key resistance around $65,000, but still needs to clear the next resistance near $71,000 to $72,000.

The cryptocurrency market rallied sharply today, with Bitcoin climbing above 70,000 dollars and Ethereum gaining about 20 percent in a single day, while many other altcoins rose only around 5 to 7 percent. The move was driven by the liquidation of short positions worth 1.2 billion dollars within one hour, alongside a new measure from the U.S. Treasury to increase buybacks of long-term government bonds from 2 billion dollars to at least 4 billion dollars per month, starting from September 9 through November 4, to ease pressure on long-term yields. In addition, President Donald Trump met with major crypto executives at a White House summit and said the government is considering holding Bitcoin in a significant size, as well as bringing Hyperliquid into the United States legally, sending the HYPE token up about 11 percent. Meanwhile, Injective received SEC registration for transfer agent services, supporting its push into tokenized assets. U.S. spot Bitcoin ETFs recorded inflows for a third consecutive day, with more than 8,000 Bitcoin purchased through ETFs in the latest session, and BlackRock alone bought more than 4,000 Bitcoin. The next key price levels for Bitcoin are 73,000 to 75,000 dollars and 80,000 to 82,000 dollars, while Ethereum needs to clear 2,400 to 2,500 dollars to strengthen its recovery.

On-chain analytics account Lookonchain reported on August 20 that a new wallet on the decentralized exchange Hyperliquid had built a long position of 20,000 ETH and was sitting on unrealized gains of about 6.66 million dollars, or roughly 1.07 billion yen, at the time of posting. The wallet deposited 20 million USDC, about 3.2 billion yen, and used 4x leverage to build a long position equivalent to 20,000 ETH, with the position size reaching about 45.38 million dollars, or around 7.26 billion yen, at the time of posting. The move came amid a sharp rally in ETH on the 20th, when ETH briefly climbed to 2,311.8 dollars on Bitstamp, a gain of about 20 percent from the previous day's close of 1,916.5 dollars. In addition, the platform's core token HYPE also rose about 20 percent after US President Trump revealed on the 19th that CFTC Chairman Mike Selig was working on bringing Hyperliquid to the United States.

Ethereum surged, briefly reaching $2,311.8 in early trading on August 20 Japan time, marking its first recovery above the $2,000 level in about two months. The gain from the previous day's close of $1,916.5 reached roughly 20%, far outpacing Bitcoin's rise of around 6%. The trigger was the U.S. Treasury's announcement that it would double the size of its liquidity-support purchases of long-term government bonds from $2 billion to at least $4 billion per operation, which was widely seen as light quantitative easing and drove funds into risk assets. According to data from CoinGlass, ETH liquidations over 24 hours totaled $1.1085 billion, of which 91.77%, or $1.01731 billion, were short positions. On the supply-demand front, $102.3 million flowed into U.S. spot ETFs over the two days of August 17 and 18, and some analysts noted the unusual market structure of a price recovery occurring while futures trading volume fell by about 70%.

BlackRock began offering its first tokenized funds in Europe on August 4. The offering is based on the firm's money market fund, the BlackRock Institutional Cash Series, with 12 new on-chain share classes built on six underlying funds and rolled out across 15 markets including Europe. The classes include euro, British pound, and US dollar denominations, all of which are existing UCITS-compliant funds. The tokenization infrastructure is provided by Kinexys, the blockchain unit of JPMorgan, and the tokens are issued on Ethereum. Each token corresponds to one share of the underlying ICS fund, while the official shareholder register continues to be maintained by the fund's transfer agent as before. Investors can transfer assets between approved digital wallets around the clock, 365 days a year, via smart contracts. The six underlying funds have combined assets under management of 311 billion dollars, or roughly 49.76 trillion yen at an exchange rate of 160 yen to the dollar as of June 30, but that reflects the size of the funds and not the amount actually being moved on-chain. Kara Kennedy, global head of market development at Kinexys, said tokenization has moved from concept to execution. BlackRock also launched two tokenized money market funds in the United States on August 3.

Crypto short liquidations hit $1.23 billion in a single hour as Bitcoin climbed 2.5% to near $68,424. Three whale wallets on Hyperliquid absorbed $194 million of the damage, with the largest casualty being wallet 0x8c96, which lost its entire 1,800 BTC short worth about $117 million. Total liquidations reached $1.31 billion in the hour, with Bitcoin positions accounting for roughly $770 million and Ethereum adding another $430 million as ETH gained 3.9% to trade back above $2,000. The 24-hour toll ran to $1.57 billion across 114,038 traders, with shorts making up $1.41 billion and the largest single order being a $32.18 million ETH position on Bitget. The squeeze was sparked by a doubling of long-end debt buybacks that pulled Treasury yields down from a 19-year high, and traders now await FOMC minutes from the July meeting, where three regional Fed presidents dissented in favor of a hike.

Coinbase announced Wednesday that it is bringing leveraged crypto derivatives to the Base App, allowing eligible users to trade perpetual futures with leverage of up to 50x through Hyperliquid. The integration gives users access to more than 290 perpetual futures markets, including Bitcoin and Ethereum, along with markets tied to stocks and commodities. Coinbase Head of Engineering Chintan Turakhia said perps are the single most requested feature from power users, noting roughly 75% of all crypto trading today is perps, not spot. The product is not available in the U.S., UK, Canada, or other jurisdictions that restrict leveraged crypto derivatives. The move comes a year after Coinbase rebranded its wallet as Base App, and follows a strategic shift away from social features toward trading, payments, and AI agents.

Analysts at Coinpedia say the US ISM manufacturing index could be a key trigger for a new altcoin season in 2026, pointing to 58 as the decisive level that previously helped altcoins significantly outperform Bitcoin in 2017 and 2020. Bitcoin's market share in 2025 fell only from about 66% to 57%, a much narrower decline than in prior cycles. Analysts are also watching South Korean exports and Taiwan's export prices, given Taiwan's role as a major semiconductor chip exporter, as leading signals, and see Ethereum and Solana as the strongest altcoins if Bitcoin begins to slow. The total altcoin market value currently stands at 161 billion dollars, near support at 160 to 165 billion dollars, and could rise to 320 to 340 billion dollars if that price base holds.

Ethereum's Platåberget public testnet is now live, marking the next stage of testing for the upcoming Glamsterdam upgrade. The launch represents a major development for the Ethereum network as it progresses toward the Glamsterdam upgrade. No further details were provided.

Bitmine Immersion Technologies announced on August 17 that its Ethereum holdings have reached 5,815,164 ETH. It holds approximately 4.8% of the circulating supply of about 120.7 million ETH, making it the world's largest corporate Ethereum holder. Against its ETH treasury strategy target of holding 5% of supply, it has reached 96% of that goal. It added 9,926 ETH over the past week, bringing the value of its ETH holdings to about 11 billion dollars. Of its ETH holdings, roughly 5,067,000 ETH is staked through its own staking infrastructure MAVAN and partners, with annual staking revenue expected to be about 250 million dollars. In addition, as part of a total 4 billion dollar share buyback program, it acquired an additional 1.7 million shares over the past week, bringing cumulative purchases since July to 20.8 million shares.

Ethereum developers are reviewing 66 proposals to select for the next major upgrade named Hegotá, with several proposals aimed at adding privacy to the protocol. Currently, FOCIL is the only Ethereum Improvement Proposal officially slated for inclusion, while other proposals such as Frame Transactions, Keyed Nonces, and Recent Roots for Frame Transactions should also be included to unlock native privacy that allows privacy applications to operate without relying on intermediaries, Ethereum Foundation collaborator Toni Wahrstätter said on X on Sunday. FOCIL aims to enable a committee of validators to force inclusion of pending transactions into blocks to increase censorship resistance, while the other proposals provide technical building blocks for privacy applications. Core developers aim to ship Hegotá next year, with the next meeting set to shape Ethereum's key development direction for 2027, and proposals that are not selected may be reconsidered in later upgrades. The next meeting is scheduled for Monday at 14:00 UTC. Meanwhile, developers are preparing to release the Glamsterdam upgrade first, which is considered one of the most significant upgrades this year, designed to increase scalability, strengthen layer-1, and make the network easier to use. It is expected to launch on mainnet in the second half of 2026, according to Ethereum's public roadmap.

Justin Drake, a researcher at the Ethereum Foundation, announced on the 13th a plan to move the hash function used on Ethereum's mainnet from Poseidon to conventional hash functions such as SHA2 and BLAKE2s for quantum-resistant cryptography. The shift is said to bring higher security to a lean Ethereum and to herald a golden age for hash-based cryptography. Poseidon was a hash function created in 2019 that became central to zero-knowledge proof systems, but subsequent innovations in SNARK design revealed that existing standard hash functions can deliver performance comparable to Poseidon. Conventional functions have undergone thorough analysis by cryptographic researchers around the world, which can accelerate the speed of adoption. The current roadmap calls for completing a production-grade lean VM in 2027 and deploying it to CL, DL, and EL in 2028.

SharpLink, the publicly listed company with the world's second-largest ETH holdings, has announced plans to stake $200 million worth of Ethereum through Lido. According to an August 13 press release, the ETH it manages will be held as wstETH issued by Lido, with custody provided by Anchorage Digital. As of August 3, SharpLink held 888,938 ETH, and this $200 million allocation represents about 12% of the company's ETH treasury. CEO Joseph Chalom said the company wants to improve the capital efficiency of its ETH holdings while maintaining institutional-grade risk management standards, and SharpLink views this allocation as part of diversifying its treasury strategy. Meanwhile, flows in U.S. spot ETH ETFs were mixed around the July CPI release, ETH traded mostly in a range of $1,860 to $1,890 for much of the week, and in the options market the August 17 max pain price stands at $1,880.

Hashcash creator and Blockstream CEO Adam Back has publicly backed Ethereum's cryptographic course correction, saying the industry should have abandoned experimental algorithms in favor of time-tested security standards long ago.

Israel's largest bank has added Bitcoin, Ethereum, and Solana as the first cryptocurrencies offered to its customers. The bank has expanded its services to include digital assets, marking a significant move into the crypto space. The three major cryptocurrencies are now available through the bank's platform, though specific details on trading or custody were not disclosed.

Morgan Stanley and JPMorgan increased their holdings of cryptocurrency ETFs in the second quarter, adding Bitcoin and Ethereum exposure despite market volatility. Morgan Stanley raised its position in BlackRock's iShares Bitcoin Trust ETF by 23% to about 16.5 million shares, though its reported value fell to roughly $549 million from $667 million as Bitcoin's price declined. The bank also grew its Ether ETF holdings sharply, increasing its stake in BlackRock's iShares Ethereum Trust ETF by about 202% to 4.6 million shares, and opened new positions in two Solana funds. JPMorgan lifted its IBIT holdings to about 10.4 million shares from 8.3 million, worth roughly $356 million at the end of June, and more than quadrupled its position in BlackRock's Ether ETF to about 1.17 million shares.

Prominent crypto trader DonAlt, known for accurately predicting XRP's 700% rally in 2024, has announced he has started buying Ethereum. The trader shared his move publicly, signaling a shift in his portfolio toward the second-largest cryptocurrency by market capitalization. No specific purchase size or price target was disclosed in the announcement.

Fidelity Investments has filed documents with the U.S. Securities and Exchange Commission seeking to add staking capability to the Fidelity Ethereum Fund, or FETH, which has accumulated net inflows of more than 2.13 billion dollars. Under the filed plan, the fund would be able to stake up to 100 percent of its Ether holdings, excluding amounts reserved for redemptions, expenses, and liquidity. The fund would retain 85 percent of staking rewards, while the remaining 15 percent would be deducted as a fee, and it plans to pay dividends quarterly. Fidelity said it will begin offering staking as soon as possible after the prospectus takes effect. FETH shares rose 2.4 percent in premarket trading after the news was released. The filing puts Fidelity in pursuit of rivals such as Grayscale, which has offered staking since October 2025, and BlackRock, which launched the iShares Staked Ethereum Trust ETF in February 2026.

Fidelity Investments filed a pre-effective amendment to its registration statement with the U.S. Securities and Exchange Commission on August 11 to enable staking of ETH held by its spot Ethereum ETF, the Fidelity Ethereum Fund. According to the filing, the investment objective has been revised from tracking an index to tracking the index plus an amount based on staking rewards. Under normal conditions, up to 100% of ETH holdings, excluding a reserve for liquidity, may be staked, though no minimum ratio is specified. Rewards will generally be distributed in cash quarterly but are not guaranteed, and staking is expected to begin as soon as practicable after the registration statement becomes effective. In the United States, Grayscale launched the first staking-enabled spot ETP in October 2025, and BlackRock listed ETHB in March 2026, making yield-bearing ETFs increasingly standard as major asset managers follow suit.