ETH Hits $4000 for the First Time since December

The value of a single ETH token has returned to $4000 after 8 months of sluggish performance. The last time it breached the $4k mark was back in early December 2024 when markets were buoyed largely by Trump election euphoria. 

It comes as a welcome relief for ETH bulls after a sluggish 2025 where BTC largely outperformed the number 2 token. ETH, the Ethereum network’s native token, is up by over 50% in the last month. 

Bitcoin is up 8% in the last month whilst XRP is up 37%.

Whilst Bitcoin has been consistently delivering new all-time-highs over the last year, ETH has been a long way off its November 2021 all-time-high of $4891.

ETH’s big month has come off the back of ballooning interest from Ethereum treasury companies. The Bitcoin treasury model pioneered by Strategy (formerly MicroStrategy) has spread to alternative tokens, particularly ETH. 

The two biggest ETH treasury companies are Bitmine Immersion Technologies and SharpLink Gaming. 

In recent weeks, several Ethereum whale addresses have been accumulating huge quantities of ETH whilst SharpLink Gaming also appears to be growing its stockpile.

Currently, based on data from Arkham Intel, SharpLink Gaming has over 230k LSETH (Liquid Staked ETH) tokens valued at over $1B and 24k ETH tokens, valued at $99m. SharpLink Gaming also made deposits of 187,904 ETH (currently valued at $759.5M) to Figment, an institutional staking service. In the last week, Arkham discovered several enormous transactions worth hundreds of millions of dollars linked to wallets previously associated with SharpLink. 

The performance of ETH ETFs is also a large factor in ETH’s recent bullishness. The last few weeks have seen huge inflows to the nine spot ETH ETFs, at times outperforming the BTC ETFs. Since launch, over $20B has flowed into ETFs run by the likes of BlackRock, Grayscale, Fidelity and several others.