Ethereum hits a new high: 1384 days of waiting finally pays off.

"Waiting for a person is very hard, waiting for a coin is even harder."

Yesterday, Ethereum finally didn't keep everyone waiting too long - after a long buildup of 1384 days, it broke through $4887, setting a new historical high, with a market cap soaring to $586 billion, larger than Mastercard and Netflix, directly squeezing into the top 25 global market caps.

Interest rate cut expectations ignite the market

Powell dropped a "dove" at Jackson Hole with a statement that "the balance of risks is changing," which made the market almost certain that a rate cut will happen in September.

The result is that liquidity expectations are returning, risk assets are taking off across the board, and Ethereum is making its appearance just in time.

Public companies are also "holding ETH".

In the past year, more and more listed companies have started to learn from the "Bitcoin Treasury," but the goal has changed to Ethereum.

SharpLink Gaming raised $425 million in May to specifically purchase ETH, backed by Consensys;

Bitmine directly received 833,000 ETH within a month, earning the title of "the world's largest ETH treasury company."

As of August, 17 companies collectively hold 1.75 million ETH, valued at over 7.5 billion dollars. More importantly, ETH not only appreciates but can also be staked to earn interest – which means for enterprises, it’s "appreciation and cash flow at the same time."

ETF hot money surges, exceeding 300 million USD in a single day

If listed companies are long-term players, then ETFs are daily fuel pumps.

Data shows that Ethereum spot ETFs have attracted 8.7 billion dollars in capital this year, with a total scale of 15.6 billion dollars. On August 22, net inflows reached 337 million dollars.

BlackRock: $109.4 million

Fidelity: 117.9 million dollars

Bitwise: 36.3 million USD

Grayscale (including mini version): 68.6 million USD

Franklin: 5.5 million dollars

On this day, the inflow of Ethereum ETFs was even greater than that of Bitcoin.

Policies are continuously favorable.

Multiple states recognize the accounting treatment of ETH staking income;

The stablecoin bill is advancing, and the status of the Ethereum payment network is becoming more stable.

"Project Crypto" begins to shift towards encouraging DeFi innovation;

Trump signed an executive order allowing 401(k) retirement funds to allocate to crypto assets, officially opening a $9 trillion pool to ETH.

Waiting is for a better debut.

This new high is not just about the price, but a shift in narrative:

The story of Bitcoin is from retail to institutions; the story of Ethereum may be from infrastructure to 'sovereign narrative'.

The question is—when institutions, ETFs, policies, and treasury companies are all on the side of ETH, can Bitcoin still hold its position as number one?