Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC 
ETH The price of Ethereum exceeded US$2375. The expansion of U.S. Treasury bond repurchase and the new SEC regulations pushed a weekly increase of more than 20%
After the U.S. Treasury Department announced the expansion of long-term Treasury bond repurchase and the U.S. Securities and Exchange Commission (SEC) proposed new rules on cryptocurrency token sales, the price of Ethereum rose more than 20% in the past week and traded around US$2375 on Friday (August 19).
On August 19 alone, the U.S. spot Ethereum ETF attracted approximately US$189 million in capital inflows, setting a single-day record since October last year, reversing consecutive weeks of capital outflows.
BitMine Immersion Technologies, which holds 4.8% of Ethereum's total supply, has seen its own weekly purchases fall to a fraction of spring levels, even though its chairman publicly cheered the rise.
Policies and markets are both positive
The U.S. Treasury Department announced on August 19 that it will increase the maximum size of long-term government bond repurchase operations from US$2 billion to at least US$4 billion per transaction starting from September 9. This move aims to support liquidity in the long-term bond market. A day ago, the SEC proposed a new regulation called the "Cryptographic Asset Regulation" that would allow companies to raise up to $75 million annually through crypto-token sales with looser information disclosure requirements (as opposed to a full public stock offering).
Spot Ethereum ETFs also joined the rally, with BlackRock and Fidelity's Ethereum funds leading the inflow. At the same time, the Bitcoin ETF also recorded an equally strong performance on August 19.
However, the clearest public cheer for these ETF inflows came from a person with a direct economic interest in the results. Tom Lee, chairman of BitMine Immersion Technologies, posted on social media that day that the inflow figure was "a good sign." BitMine is not an irrelevant bystander: It holds approximately 5.8 million Ethereum units, accounting for approximately 4.8% of the total Ethereum supply, and is worth nearly $13.8 billion at Friday prices.
BitMine's own purchasing pace has slowed significantly
This position has also made BitMine one of the largest marginal buyers of Ethereum this year. But the company's own weekly disclosures showed its buying behavior slowed significantly before the week's rally began. In early June, BitMine bought 126,971 Ethereum units in a week. By mid-August, its weekly purchases had dropped to the range of approximately 7000 to 10400 Ethereum units and had been maintained for more than a month. Li said the company is approaching its target of holding 5% of Ethereum's total supply and has shifted some of its cash to repurchase its own shares rather than continuing to increase its holdings in Ethereum.
(Image links and titles are hidden here)
Whether the rising trend is sustainable
All of this does not mean that the rally was artificial. The U.S. Treasury's repurchase expansion and the SEC's proposal are real, recorded policy actions, and ETF inflow data comes from independently reported fund data, not from BitMine or Lee. However, the loudest public voice this week-confirmation that demand is seen as a turning point in the market-came precisely from the chairman of Ethereum's largest known company holder. The holder's own purchasing behavior (one of the largest sources of Ethereum demand in 2026 other than ETFs) quietly dropped to the lowest sustained level during the year at the same time.
What happens next will test which interpretation is correct. If ETF demand can continue to grow on its own, or if BitMine resumes buying near its self-set upper limit, then this rally will receive more solid support than a single large holder touted its existing positions. If ETF inflows recede like the rally earlier this year, the market will have to rely on a buyer who has already said it is quitting.
