Ethereum Breaks $4,500 as ETFs and Corporate Treasuries Drive 8% Supply Grab

US CPI Rises 2.7% in July, Core CPI Hits 3.1% as September Fed Rate-Cut Odds Jump Above 93%, Bitcoin Nears $120,000

US consumer prices rose 2.7% year over year in July, slightly below forecasts, while core CPI climbed 3.1%, marginally above expectations. Monthly CPI readings matched estimates at 0.2% for headline and 0.3% for core. The data pushed September Fed rate-cut odds above 93%, up from the low 80s before the release, sparking a brief crypto rally with Bitcoin nearing $120,000 and Ether topping $4,400. Analysts note the cooler headline and higher core inflation present mixed signals for the Federal Reserve, which remains focused on 12-month trends. Macro analysts said a supportive CPI print could help Bitcoin break range highs, while persistent inflation may keep volatility elevated. Market focus now shifts to PPI data later this week and Fed communications to gauge the likelihood of a September policy shift.

BitMine Immersion Technology Targets $24.5 Billion Raise as SharpLink Secures $389 Million in Accelerating Corporate Ether Accumulation Race

The race among corporations to accumulate Ether is intensifying as the cryptocurrency nears its previous all-time high. BitMine Immersion Technology, the largest corporate Ether holder with 1.2 billion ETH worth $5 billion, has filed with the US SEC to raise $24.5 billion through an at-the-market stock sale to expand its holdings. On the same day, SharpLink, the second-largest holder with 598,000 ETH worth $2.64 billion, announced a $389 million capital raise, primarily for Ether purchases. Both moves reflect a growing trend of publicly traded firms adopting Ether as a secondary treasury reserve asset alongside Bitcoin. Ether’s price has risen over 21% in the past week to $4,408, just 9% below its November 2021 all-time high, with analysts predicting corporate treasuries could eventually control up to 10% of the total supply.

Terraform Labs Co-Founder Do Kwon Pleads Guilty to Wire Fraud and Conspiracy, Faces Up to 25 Years in Prison

Terraform Labs co-founder Do Kwon has pleaded guilty to two counts of wire fraud and conspiracy to defraud in the US District Court for the Southern District of New York. This marks a shift from his earlier not guilty plea to all nine charges he faced, which included securities fraud, market manipulation, and money laundering. The two charges could result in up to 25 years in prison if served consecutively. Kwon was extradited from Montenegro earlier this year after serving a four-month sentence there for using falsified travel documents, following his arrest in 2023 after months on the run post-Terra’s 2022 collapse.

Ethereum Tops $4,500 for First Time Since 2021 as ETF Inflows and Treasury Buys Push Corporate Holdings to 8% of Supply, Odds of $5K by Year-End Jump to 77.7%

Ethereum surged above $4,500 for the first time since 2021, gaining 26% in the past week and over 50% in the last 30 days, far outpacing Bitcoin’s performance. The rally has triggered more than $104 million in liquidations of ETH shorts in the past 24 hours and is being fueled by billions in net inflows to Ethereum ETFs, led by BlackRock’s iShares Ethereum Trust ETF, which posted over $1 billion in inflows Monday alone. Publicly traded treasury firms like BitMine Immersion Technologies and SharpLink Gaming are also driving demand, with BitMine raising its Ethereum acquisition target by $20 billion to $24.5 billion. Together, treasury firms now hold nearly $8 billion in ETH, with about 8% of the total supply in corporate hands.