Ethereum Rallies on US Treasury and SEC News, Despite Slowing Big Player

Ethereum's price has surged over the past week, nearing $2,375, following two significant developments in the US financial market. The U.S. Treasury Department announced it will increase its long-term debt buyback operations from $2 billion to at least $4 billion per operation starting September 9. Additionally, the Securities and Exchange Commission proposed new rules for selling crypto tokens to the public, allowing companies to raise up to $75 million a year under lighter disclosure requirements.

Spot ether ETFs have also seen significant inflows, with BlackRock's and Fidelity's ether funds among those receiving large sums. Tom Lee, chairman of BitMine Immersion Technologies, which holds about 4.8% of all ether, called the $189 million in ETF inflows on August 19 'a good sign'.

However, despite this positive sentiment, BitMine's own buying activity has slowed significantly. In June, the company purchased 126,971 ether in a single week, but by mid-August its weekly purchases had dropped to between 7,000 and 10,400 ether, where they have remained for over a month.