Over the past 24 hours, ETH gained 1.5%, while Bitcoin slipped 0.3%.
Rak points to record inflows into spot ETFs, supply reduction driven by staking, and growing demand from corporate treasuries as the key drivers.
In August alone, ETH-based exchange-traded funds attracted $3.8 billion, while Bitcoin-focused products lost $751 million. Meanwhile, staked Ethereum surpassed 35.7 million tokens worth $162 billion—roughly 31% of total supply.
Min Jung, an analyst at Presto Research, confirmed that buying pressure is being reinforced by public companies steadily adding Ethereum to their balance sheets:
“ETH is once again outperforming, likely due to inflows linked to DAT. Still, we remain cautious about the durability of this trend and whether firms can sustain such elevated buying volumes long term,” she noted.
The rise of DAT structures has been divisive within the market. Supporters argue they “boost ecosystem visibility” and create long-term value, while critics warn of potential conflicts of interest.
Currently, the four largest public-company holders of Ethereum—Bitmine, SharpLink Gaming, Bit Digital, and BTCS—control about 2.7 million ETH valued at $12 billion.
Earlier this month, SharpLink co-founder Joseph Shalom warned of risks tied to corporate treasuries holding ETH, cautioning that the chase for yield through Ethereum custody poses serious risks for companies.