- Ethereum reached new highs in Japan and Korea as strong demand lifted local prices.
- Corporate accumulation and regulatory changes added fuel to the ETH rally in Asia.
- Hayes made an Ethereum-linked token purchase worth $7.93 million in less than a day.
Ethereum reached new local all-time highs in Japan and South Korea, driven primarily by surging domestic demand. In South Korea, the Korean won-denominated price set a fresh record of ₩6,020,359 on August 11, with ETH trading at ₩5,956,688.83 at press time, marking a 1.79% gain over 24 hours.
In Japan, the yen-denominated price hit its new all-time high yesterday at ¥629,791.45 and is currently trading slightly lower at ¥629,287.50. In U.S. dollar terms, Ethereum is valued near $4,300, which remains 12% below its $4,891 peak from November 2021.
Currency Gains Fail to Slow Ethereum’s Breakout in Asia
Local peaks emerged in Japan and Korea despite both the yen and won appreciating against the dollar year to date. The won–dollar rate moved from ₩1,476.23 to ₩1,388.77, while the yen–dollar rate has made a change from ¥157.33 to ¥147.65. Typically, stronger local currencies reduce gains when converting from dollars. Yet Ethereum prices in both countries rose more sharply than in dollar terms; this shows very high local buying activity.
Trading in these markets is conducted exclusively in local currencies through domestic exchanges. Foreign investors cannot directly participate due to foreign exchange rules restricting overseas account openings. This unique structure means price movements in yen and won reflect domestic sentiment and demand rather than global speculative flows. Could these early peaks be a leading signal for Ethereum’s next global all-time high?
Regulatory Shifts and Corporate Accumulation Fuel the Rally
Multiple drivers contributed to Ethereum’s strong performance in these regions. Expanding corporate adoption beyond Bitcoin has had a significant impact. A recent U.S. presidential executive order permitted cryptocurrency investments in 401(k) retirement plans, widening potential demand. The U.S. Securities and Exchange Commission’s withdrawal of its lawsuit against Ripple improved sentiment across the altcoin market.
Publicly listed U.S. companies have started buying Ethereum as part of “Ethereum Treasury” strategies, involving systematic and strategic accumulation as a corporate asset. Bitmine, for example, now holds over $2.9 billion in ETH after acquiring 833,137 ETH. The company aims to control up to 5% of Ethereum’s total supply by combining aggressive accumulation with strategic liquidity partnerships, positioning itself ahead of institutional peers in ETH holdings.
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Arthur Hayes Expands Ethereum Bet with $7.93M Token Purchase
In a notable market development, Arthur Hayes, co-founder of BitMEX, purchased $7.93 million worth of Ethereum ecosystem tokens within 19 hours. On-chain data shows he acquired 1,500 ETH for $6.35 million at $4,233 each. Hayes also bought 424,863 LDO tokens worth $556,600 at $1.31 and 420,000 ETHFI tokens valued at $516,600 at $1.23. Additionally, he secured 92,005 PENDLE tokens for $507,000 at $5.51.
These purchases were processed through multiple Binance hot wallets and direct wallet transfers. More than $4 million in USDC inflows preceded the trades, indicating preparation for targeted entry. This accumulation reflects calculated exposure to Ethereum-linked assets under current market conditions, aligning with the broader momentum in regional and global markets.
