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Ethereum treasury companies swell as spot ETFs notch fifth straight month of positive inflows

The network’s monthly on-chain volume has climbed to a four-year high, jumping past $346 billion in August.

9/2/25 12:25PM

Ethereum has dropped from the $4,650 level last week to trade around $4,300 Tuesday morning. The price action comes as US spot ethereum ETFs notched over $1 billion in inflows last week, according to SoSoValue.

Ethereum ETFs have now had five consecutive months of positive inflows, totaling close to $11.1 billion or 82% of their cumulative inflows since inception.

The network’s monthly on-chain volume, which measures economic throughput stemming from transaction transfers and decentralized finance activity, has also climbed to a four-year high, jumping past $346 billion in August. The last time ethereum’s on-chain monthly volume had seen this level was May 2021, per The Block.

Meanwhile, ethereum treasury companies have had a busy Tuesday, making several announcements about their crypto holdings, activity in the decentralized finance ecosystem, and capital raises:

BitMine Immersion Technologies announced its holdings have grown to about 1.9 million ethereum tokens, 192 bitcoin, and $635 million in cash, bringing its total holdings to almost $9 billion, according to a Tuesday press release. Since launching its treasury strategy at the end of June, BitMine has become the largest ethereum treasury firm and the second-biggest crypto treasury overall, just behind bitcoin behemoth Strategy.
SharpLink Gaming announced it had purchased 39,008 ethereum tokens for an average purchase price of $4,531 and raised $46.6 million through its at-the-market facility in the week ended August 31. The company’s total has increased to 837,230 ethereum worth more than $3.6 billion.
ETHZilla, backed by Peter Thiel’s Founders Fund, said it plans to deploy about $100 million of ethereum into decentralized finance protocol EtherFi to generate higher yields on its crypto assets, per a press release. The move, which is ETHZilla’s first engagement with DeFi protocols, comes as the firm said it holds 102,246 ethereum tokens and $221 million in cash equivalents.
The Ether Machine has raised 150,000 ethereum tokens worth roughly $654 million of committed financing from Jeffery Berns, founder of crypto firm Blockchains. A press release states the company’s total committed crypto holdings have swelled to 495,362 ethereum tokens worth nearly $2.2 billion with $367 million in cash for further acquisition. The Ether Machine, the third-largest ethereum treasury company, behind BitMine and SharpLink, has plans to go public after a pending business combination with Dynamix Corporation and The Ether Reserve LLC.
Finally, Yunfeng Financial Group Limited, based in Hong Kong, announced plans for a strategic expansion by increasing its investments in digital currencies. With the firm’s board approval, Yunfeng purchased a total of 10,000 ethererum tokens funded by internal cash reserves. The company is affiliated with Jack Ma, founder of the world’s largest e-commerce platform, Alibaba, said Vivek Raman, the founder of Etherealize.

Yaël Bizouati-Kennedy

Bitcoin tumbles as oil and gas prices spike and the market’s mood turns risk-off

Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

Sage D. Young3/18/26

Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter.

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows.

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions.

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Sage D. Young3/18/26

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework.

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

Aptos, avalanche, bitcoin, bitcoin cash, cardano, chainlink, dogecoin, ethereum, hedera, litecoin, polkadot, shiba inu, solana, stellar, tezos, and XRP.

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy

3/18/26

Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Sage D. Young3/17/26

Bitcoin sees 8 consecutive days of gains, a streak not seen in 4 years

Bitcoin is on a winning streak. The cryptocurrency has generated eight straight days of positive returns, a rare phenomenon that has occurred only 15 times since Satoshi Nakamoto created it, according to a CoinDesk report.

In the 30 days after posting an eight-day streak, bitcoin traded higher nine times and lower six times. The median return in the period is roughly 19%. Despite the historical gains that followed, the last time bitcoin had such a rally, four years ago, it dropped roughly 30%.

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too