ETH Is Back — But This Time, It’s Different
The capital allocators are moving in.
After a long slumber, Ethereum is back in motion.
Up more than 60% over the past month, it’s now hovering near $3,800 — its highest level since January.
Still a way off from its 2021 peak above $4,600, but enough to force a simple question:
Is this another speculative cycle… or something deeper?
If you’ve been watching the space, you’ll notice a shift in tone.
Not just from the traders, but from the operators, the technologists — and increasingly, the capital allocators.
The Infrastructure Play
Ethereum is no longer just a “cryptocurrency.”
It’s become the foundational protocol layer for much of Web3.
At over 51% market share, it’s the infrastructure that lets decentralized finance (DeFi), gaming, NFTs, stablecoins, and tokenized assets actually function.
In plain terms: Ethereum is where the transactions happen.
Not in theory. In code. Every day.
Ray Youssef of NoOnes puts it well:
“Ethereum lets anyone — whether it’s a crypto project, a factory, an artist, an influencer — create their own token and thus their own community.”
That kind of permissionless programmability opens up new forms of commerce, ownership, and coordination — things the traditional financial stack simply wasn’t designed for.
Who’s Buying?
Not just the usual crowd.
Several listed companies have made very public decisions to rotate their treasuries into Ethereum — not Bitcoin. Not cash.
BitMine Immersion Technologies, a crypto miner that went public in June, now holds over $1B in ETH.
Bit Digital (BTBT) recently moved its entire treasury from BTC into ETH, stating:
“We believe Ethereum has the ability to rewrite the entire financial system.”
SharpLink Gaming and BTCS have both seen significant stock appreciation after ETH-based treasury disclosures.
These aren’t long-term asset allocators in the Berkshire mold. But they are public companies making directional bets.
And their shift toward Ethereum suggests growing confidence in the platform’s staying power — especially in a regulatory climate that’s finally starting to move.
The Policy Tailwind
The GENIUS Act — a new law regulating stablecoins — was signed into law last week by President Trump. Whether or not the name is ironic, the legislation is real: it gives formal recognition to digital tokens backed 1:1 by dollars or treasuries.
It’s a small step for crypto. But a big one for Ethereum.
Why?
Because most regulated stablecoins — like USDC — live on Ethereum.
If stablecoins are the bridge between the crypto economy and the real one, Ethereum is the bridge that holds the bridge.
Regulatory clarity makes it easier for institutions to build, invest, and transact in that ecosystem.
Not a Moon Shot. A Platform Shift.
The rise in ETH is worth watching — but not just for price action.
It’s part of a deeper story about how financial infrastructure is evolving beneath the surface.
You don’t have to be a crypto native to understand the implications.
Just as the internet once unbundled media and retail, Ethereum may do the same for asset issuance, settlement, and ownership.
It’s not a question of if.
It’s a question of how fast — and who adapts.
Until next time
David
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