Ethereum (ETH) surged 7.46% by the end of the working week on September 11, 2026, reaching $2,619.0 and gaining 6.62% over the week. Fundstrat co-founder Tom Lee described the move as the beginning of a massive "face-ripper rally" for short sellers.
The catalyst was the August U.S. Consumer Price Index report. While annual inflation matched expectations at 3.4%, Core CPI rose 0.3% month over month, slightly above forecasts. According to Fundstrat, investors had taken extremely defensive positions before the release, so the relatively "harmless" data triggered a wave of cash moving back into risk assets and forced short-position liquidations.
Lee's forecast has direct financial significance: Bitmine Immersion Technologies, where he has chaired the board since summer 2025, is officially the world's largest corporate holder of Ethereum. By September 2026, Bitmine had accumulated 5.9 million ETH, representing approximately 4.9% of the global supply, with most of the coins staked to generate yield. The company has been buying Ethereum weekly under its "alchemy of 5%" strategy.
Separately, BlackRock was reported to have bought $250 million of Ethereum despite a price correction, adding further institutional weight to the asset's demand story.
