August 12, 2025

When Bitcoin continues to be constrained by the $120,000 resistance, Ethereum seems to have shown no signs of a pullback, instead fluctuating in the high range of $4200-$4350. Generally speaking, whether it's due to a significant recent increase or a pullback after Bitcoin's surge, from the perspective of the main players, Ethereum can also experience a pullback. Such a strong market is likely influenced by institutional buying. In other words, during the past few days when Ethereum broke through $4100, there must have been a large amount of profit-taking occurring, but due to strong buying pressure, the selling pressure was directly absorbed. This situation has played out more than once with BTC last year.
Continuing to look at the data through Surf, in the past week, several US companies collectively purchased over 2 million Ethereum, with total holdings skyrocketing from about 1 million last week to 3 million today, with a total market value of 1.3 billion USD. It is worth noting that the ranking of the top three holdings has changed again. Mining company BMNR continues to lead, currently holding 1.15 million, ranking first, followed closely by sports company SBET with about 600,000. Notably, both have been continuously purchasing ETH over the past week, and their stock prices are also rising.

What stands out is that a new competitor has been introduced this week - FG Nexus, formerly known as "Fundamental Global", has rebranded to "FG Nexus", clearly transforming into a pure investment company focused on Ethereum investments. Currently, they have purchased 47,000 Ethereum, although the amount is still.