The price of Ethereum’s native asset ether rose above the $4,000 level for the first time in eight months on Friday, reaching an intraday high of $4,013.67 on crypto exchange Coinbase, before correcting slightly.
The second-largest cryptocurrency by market cap is up 3.8% over the past 24 hours, 11.3% during the past week, and more than 50% in the past month, according to The Block’s ETH price page. It last traded above $4,000 on Dec. 16, reaching a peak of $4,107.
ETH had struggled against BTC for most of 2025, losing half of its value against bitcoin before it bottomed at a ratio of around 0.018 during the aftermath of President Donald Trump’s Liberation Day tariff announcements in April. However, ether has enjoyed a period of outperformance since, gaining approximately 90% against bitcoin from April 21.
Nevertheless, ETH is still tracking slightly behind BTC for 2025, up 19.2% year-to-date compared to 25%, and remains down around 18% from its all-time high of $4,867, set in November 2021.
Rapid Ethereum treasury company accumulation and rising ETF inflows
Ether’s price rise follows a period of rapid accumulation from the plethora of new Ethereum treasury companies that have raised and bought billions of dollars worth of ETH in recent weeks, replicating the playbook from bitcoin treasury company pioneer, Michael Saylor’s Strategy, for the proof-of-stake cryptocurrency.
Tom Lee-chaired BitMine currently leads the pack with over 833,000 ETH ($3.3 billion), followed by Joe Lubin’s SharpLink with nearly 522,000 ETH ($2.1 billion), and The Ether Machine with more than 345,000 ETH ($1.4 billion), according to The Block’s Ethereum Treasuries page.
A recent report from Standard Chartered’s Geoffrey Kendrick said Ethereum treasury firms are “just getting started” — and could 10x their holdings to 10% of all ETH over time.
Furthermore, net inflows into U.S. spot Ethereum ETFs have also ramped up considerably in recent weeks, also outperforming their Bitcoin ETF counterparts, adding nearly $5 billion in the last month alone, compared to a total net inflow of $9.4 billion since the products began trading in July 2024.
Another precursor to the move was Ethereum hitting a new all-time high of 1.74 million daily transactions on Wednesday, surpassing its previous record peak during May 2021, and following the network’s busiest month yet in July, registering over 46 million transactions.
Kronos Research CIO Vincent Liu told The Block on Thursday that Ethereum’s surging activity hadn’t been fully priced into ETH yet, with potential approval from the Securities and Exchange Commission to add staking features to the U.S. spot Ethereum ETFs seen as the next potential catalyst.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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