Overview

• Ethereum tested near its 2021 all-time high at about $4,800 but retreated to around $4,400 after a hotter-than-expected July PPI print and conflicting remarks from Treasury Secretary Scott Bessent prompted roughly $1 billion in liquidations.
• U.S. spot Ether ETFs recorded their first net outflow in nine sessions on Aug. 15, ending an eight-day streak that had funneled about $3.7 billion into BlackRock’s ETHA, Fidelity’s FETH and Grayscale’s Ethereum Mini Trust.
• On-chain intelligence firms tracked a whale withdrawal of approximately 60,000 ETH (≈$285 million) from Coinbase Prime into staking, adding to a supply squeeze and fueling debate over profit-taking versus a prelude to further gains.
• Corporate treasury buys by firms such as BitMine Immersion Technologies and persistent ETF subscriptions have driven exchange reserves to multi-year lows, reinforcing Ethereum’s medium- and long-term bullish case.
• Near-record daily volumes (~$13 billion), a rising ETH/BTC ratio above its 365-day moving average and elevated MVRV highlight both strong structural demand and the risk of short-term consolidation.