Crypto bulls are back in charge as Bitcoin flirts with $122K and Ethereum eyes a $4.5K breakoutâproving once again that digital gold shines brightest when Wall Street panics.
Bitcoinâs relentless rally
No resistance seems too steep for BTC as it carves through price levels like a hot knife through butter. Traders are piling in, fueled by institutional FOMO and the sweet, sweet schadenfreude of watching traditional finance scramble to keep up.
Ethereumâs smart contract supremacy
ETH isnât just riding Bitcoinâs coattailsâitâs flexing DeFi dominance with a clear path to $4.5K. NFT degens and yield farmers alike are cheering as gas fees become someone elseâs problem.
The cynical take? This rally will last exactly until the next âinflation hedgeâ narrative gets debunked by Fed chair testimony. Enjoy the dopamine hit while it lasts.
El Salvador Opens Institutional Access to Bitcoin
Bitcoinâs advance follows El Salvadorâs approval of its Investment Banking Law, a measure that could turn the Central American nation into a regional crypto hub.
Passed on Aug. 7, the legislation grants licensed investment banks the power to hold bitcoin and other digital assets alongside legal tender and foreign currency, provided they deal only with sophisticated investors.
These institutions must maintain at least $50m in capital and serve clients with market knowledge and a minimum of $250,000 in investable assets.
The broader market mood was reinforced by MicroStrategy co-founder Michael Saylor, a prominent Bitcoin advocate, who wrote on X: âIf you donât stop buying Bitcoin, you wonât stop making money.â
If you don't stop buying Bitcoin, you won't stop making Money. pic.twitter.com/G9S2gPO1t8
â Michael Saylor (@saylor) August 10, 2025ETH Treasuries and ETFs Fuel Strong Institutional Demand
Ethereumâs climb has been underpinned by record flows into ETH-focused treasuries and exchange-traded funds. Data from Coinglass showed $92.25m in ETH long liquidations in the past day, compared with $117.67m for Bitcoin, indicating aggressive repositioning as prices spiked.
Corporate treasuries are playing a growing role in the rally. According to CoinGecko, 17 public companies now hold a combined 1.75m ETH, valued at more than $7.53b. Bitmine Immersion Technologies leads the list with 833,133 ETH worth about $3.59b, followed by SharpLink Gaming with 521,939 ETH and Coinbase with 136,782 ETH.
SharpLinkâs recent $200m stock offering to expand its ethereum holdings has added to bullish sentiment, with analysts projecting it could soon become one of the largest corporate holders of the token.
ETF flows have also surged. BlackRockâs ETHA ETF absorbed over $254m on Friday, pushing its net assets past $12.3b. Grayscaleâs main ETH trust now holds $4.5b in assets, while products from Bitwise, VanEck and Franklin have seen steady inflows.
Bullish Hashtags Surge as Retail Traders Pile In
Social sentiment reflects the optimism. Analytics firm Santiment noted a spike in bullish hashtags such as #buying and #bullish, with bearish mentions dropping by half. The firm cautioned, however, that excessive retail FOMO could temporarily stall the rally.
With Bitcoin nearing $122,000 and Ether within striking distance of $4,500, traders are watching whether momentum can push the two largest cryptocurrencies to fresh highs before the quarterâs end.
