Interest from enterprises and institutions continues to rise, with Ethereum breaking through $4600 to reach a new high in years.

On August 12, Ethereum (ETH) rose over 5%, breaking through $4600, reaching its highest price since December 2021.

This pump coincides with companies purchasing coins from their treasury, a record high inflow of US spot ETFs, and increasing market expectations for a potential interest rate cut at the Federal Reserve's September policy meeting.

The latest price changes occurred after the release of the US Consumer Price Index (CPI) data, with the annual inflation rate exceeding the central bank's target of 2%, but overall in line with expectations.

This data has prompted market participants to increase their bets on the Federal Reserve implementing its first interest rate cut since 2020, which will ease the borrowing environment across the financial markets.

Bitmine Immersion Technologies disclosed plans to raise up to $20 billion for further acquisitions of Ether. The company currently holds approximately $5 billion in ETH, making it one of the largest corporate holders of the second-largest cryptocurrency.

The large-scale accumulation aligns with the major trend of enterprises incorporating digital assets into their treasury strategies, and this trend is accelerating as channels for institutions to enter the crypto market continue to expand.

On August 11, the net inflow of the Ethereum spot ETF listed in the United States reached 1 billion USD, setting a record high for a single day since its launch this year. This also marks the second time in August that its net inflow has exceeded that of the Bitcoin spot ETF.

In the past month, the Ethereum to Bitcoin exchange rate has strengthened, with the ETH/BTC ratio rising nearly 50% to above 0.37, although it is still 15% lower than a year ago.

After experiencing a period of stagnation relative to Bitcoin, Ethereum's market share in the cryptocurrency market has been steadily rising in recent weeks.

The network occupies a large share of activities in asset tokenization, DeFi, and blockchain settlement systems that simulate traditional market infrastructure. Recent software upgrades aimed at enhancing scalability and reducing transaction costs have supported these applications.

Regulatory dynamics also shape the current environment. In the United States, the passage of the GENIUS Act provides clearer guidance for certain digital asset activities, which is considered one of the factors for institutional re-engagement.

At the same time, other digital asset treasury, including Sharplink, also increased their ETH holdings, further boosting market demand. The combination of corporate accumulation, strong inflows into ETFs, and the possibility of a looser monetary policy collectively drove Ethereum to reach its highest price in nearly five years.

Despite the high volatility that often follows previous price increases, the current market environment reflects a combination of multiple driving factors, with capital continuously concentrating on buying this asset in recent weeks.