Ether hits All-Time High after 4 years

Comment by Michele Mandelli (CheckSig)

Ether surges to its highest level in four years, driven by the Pectra upgrade and a wave of capital flowing into ETFs. According to Michele Mandelli, Managing Partner at CheckSig, ETH is showing growing maturity, but Bitcoin remains the benchmark for the entire market.

Milan, August 26, 2025 – Last Friday, Ether (ETH) reached a new all-time high, surpassing $4,900 and bringing the world’s second-largest crypto asset back above the levels last seen in 2021. Since then, the market has experienced natural pullbacks, with profit-taking that does not undermine the broader narrative: ETH’s rally has been fueled by the Pectra upgrade in May, record inflows into spot ETFs (nearly $13 billion in total net inflows), and a more favorable macro environment following Jerome Powell’s remarks at Jackson Hole, which strengthened expectations of a rate cut as early as September.

”The renewed interest in Ether is undeniable: the market is rewarding Ethereum’s technological maturity and the increasing reliability of its applications,” comments Michele Mandelli, Managing Partner at CheckSig. ”Spot ETFs have attracted volumes that were unimaginable just a few months ago, confirming ETH’s role as the world’s second-largest crypto asset.”

In the cryptocurrency market, a wave-like pattern is often observed: Bitcoin typically leads the rally, followed by Ether, and eventually by smaller altcoins. This reflects Bitcoin’s role as the market’s primary reference point, while ETH and altcoins tend to follow depending on overall sector enthusiasm and technological innovation.

Mandelli adds: ”Analysts often refer to a ‘BTC-led cycle’ when Bitcoin drives the entire market, and to ‘market rotation’ to describe the gradual spread of capital into ETH and altcoins. When altcoins post significant gains, we enter an ‘altcoin season,’ a phase that signals increased appetite for emerging projects.”

However, Mandelli stresses that ”Bitcoin remains the benchmark asset for market capitalization and as a store of value. Ether is gaining momentum, but Bitcoin’s dominance remains unchallenged: its digital scarcity is still the foundation of the entire ecosystem.”