[Block Rhythm] On August 11, a certain platform released a daily chart analysis stating that the price of Ethereum soared and broke through the 4,000 USD mark, reaching a new high since the end of 2021. This round of rise was mainly driven by institutional buying and a wave of short positions liquidation. On-chain activity also reached a historical high, with daily volume exceeding 1.8 million transactions, and more than 30% of the supply has been staked.
The US SEC has ruled that liquid staking tokens are not considered securities, bringing significant regulatory benefits to the industry and boosting market confidence in Ethereum and staking platforms. In response, some listed companies are accelerating their layout, with the scale of ETH held in their treasuries surpassing $3.5 billion, nearly a tenfold increase from last year.
The next target for the market may be at $4,362, with the historical high of $4,892 still being the ultimate milestone.