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This past week, the crypto market experienced a surge driven by three major events: Ether’s remarkable rally, Bitcoin hitting a new all-time high, and the release of the U.S. Consumer Price Index (CPI) data.
Ether (ETH) climbed past $4,700, approaching levels unseen since the 2021 bull run. In response to this momentum, Standard Chartered raised its year-end forecast for ETH to $7,500. Adding fuel to the rally, BitMine Immersion Technology, one of the largest corporate ETH holders, announced plans to raise $20 billion via stock offerings to expand its treasury, potentially acquiring up to 5% of ETH’s total supply.
Bitcoin (BTC) mirrored Ether’s upward trajectory, reaching a new all-time high of $124,000, while the broader ERC-20 ecosystem also saw gains, with coins like LINK and SOL leading the charge.
The market-wide optimism was further supported by the July CPI data, which showed inflation rising 2.7% year-on-year, strengthening expectations that the Federal Reserve (Fed) could implement a rate cut in September.
Investor enthusiasm extended to ETFs as well. U.S. spot BTC ETFs attracted $253 million after a prior week of outflows, and spot ETH ETFs drew $327 million in new capital—more than double the previous week’s inflows.
These developments reflect a renewed risk appetite across crypto, equities, and commodities, signaling that investors are increasingly willing to embrace higher-yield opportunities.
Next, let’s look at other key stories shaping the crypto landscape this week.
