Ethereum Price Aims for $5k Next As BitMine Unveils $24B Deal to Buy More ETH

Ethereum (ETH) price has surged faster than most traders thought. The large-cap altcoin, with a fully diluted valuation of about $542 billion, edged over 4.4 percent higher in the past 24 hours to reach a multi-year high of about $4,500 for the first time since December 2021.

The notable ETH price bullish breakout on Tuesday resulted in the liquidation of over $157 million, with short traders accounting for $102 million. As a result, the ongoing short-squeeze has fueled the odds of Ether price hitting its all-time high (ATH) before the end of August.

Ethereum Records Massive Cash Inflows from Institutional Investors

As Coinpedia reported, the Ethereum network has recorded a massive cash inflow in the last few weeks. For instance, the U.S. spot Ether ETFs a whooping $1.02 billion in net cash inflow on Monday, led by BlackRock’s ETHA and Fidelity’s FBTC. 

The companies implementing Ethereum treasuries have surged significantly in the past few weeks. For example, BitMine increased its at-the-market equity program by $20B to around $24 billion to purchase more Ether. 

SharpLink Gaming purchased 5,226 Ether on Tuesday, thus increasing its net holdings to 604,026 ETH, valued at over $2.6 billion. Meanwhile, a newly created wallet withdrew 23,365 ETH from Kraken, worth about $104 million.

Has the Altseason Started or is it Just ETH Season?

With Ether price less than 10 percent from its all-time high, a resurgence of speculative FOMO traders has increased the odds of an altseason. Moreover, Bitcoin price has stagnated below a crucial resistance level around $120k, and large-cap altcoins – including Chainlink (LINK), Dogecoin (DOGE), and Solana (SOL) – have signaled a midterm bullish sentiment.

However, crypto analyst Benjamin Cowen has indicated that the current bullish outlook is merely an Ether season, not an altseason. Nonetheless, the anticipated Fed rate cut in September will likely trigger a wider crypto bull rally.