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And now ether. A few months after bitcoin, ether has, in turn, hit a new all-time high of $4,900. Its previous record, at $4868, dated back to November 2021.
The second-largest crypto on the market, which quickly settled around $4,700, is enjoying a particularly buoyant 2025. Since January, it has risen by just over 40%, doing better than most other digital assets. The bitcoin, meanwhile, has risen by 19% since January.
The ether is easier to understand
This rise is being fuelled by two major trends: the rise of digital asset treasuries (DATs) centred on the ether, such as Sharplink, and record flows into Ethereum ETFs.
Since their SEC approval in July 2024, these products have accumulated more than $20 billion in assets under management, dominated by BlackRock's ETHA.
"ETH ETFs have been vastly undervalued simply because traditional investors did not understand Ethereum", commented on X, Nate Geraci, president of NovaDius Wealth Management.
According to him, bitcoin has an "explicit narrative" - that of digital gold - that is easier to understand than ether, but things are changing. "Now, ether is equated with a kind of backbone of Wall Street and the financial markets and it's much clearer to understand its value," he adds.
Simultaneously, the cumulative capitalisation of listed companies holding ether continues to rise. While we don't know the exact global amount, it's approaching $10 billion. BitMine alone holds 1.15 million ETH (around $5 billion).
"Ethereum has the ability to secure and verify all transactions, whether initiated by humans or AI agents," explained Joe Lubin, founder of Consensys and co-CEO of Sharplink (the 2nd largest investor in ether), in an interview with Sherwood magazine.
The Fed is expected to ease rates
The current momentum is also being driven by a favourable macro backdrop: ether soared by more than 15% on Friday, in the wake of comments deemed accommodative by Fed Chairman Jerome Powell, who hinted at a forthcoming rate cut.
During his speech at the Jackson Hole economic symposium, Powell stressed that "the time has come to adjust monetary policy" in the face of improving inflation data. The markets are now anticipating a cut of 25 to 50 basis points at the next meeting on 18 September, an environment traditionally favourable to risky assets such as crypto-currencies.
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