Ether Soars Past $3,000 – First Time Since February – Fueled by ETF Frenzy and Treasury Demand
Ethereum smashes through $3,000 like a bull through a china shop—ETF inflows and Treasury buys spark the rally. Wall Street’s late to the party, as usual.
Why now? Institutional money’s finally waking up to crypto’s potential—or just FOMO’ing in after retail did the heavy lifting.
What’s next? If history repeats, this could be the start of a fresh leg up. Or another chance for the suits to sell the news.
Ethereum’s ether (ETH) exhibited extraordinary bullish momentum during the past 24 hours as Bitcoin advanced past new historic highs. The second-biggest crypto by market cap soared above the $3,000 threshold for the first time since February as investors grew more optimistic about the widening embrace of digital asset products.
ETH was changing hands at $3,009 as of press time, a more than 8% gain since Thursday, at the same time. It topped $3,027.12 earlier in the day before pulling back slightly.
As Ether’s price leaped higher, $258.6 million worth of ETH shorts were liquidated over the past 24 hours, according to data tracked by CoinGlass. However, in contrast to BTC, the token is still 38.6% away from its all-time high of $4,878 set in November 2021.
Record Institutional Demand
Ethereum’s climb comes on the heels of the largest single day for the combined U.S.-listed spot ETH exchange-traded fund inflows at $383.1 million on Thursday, according to data from Farside Investors. BlackRock’s ETHA spot ETH ETF posted a record $300.9 million in net daily inflows yesterday.
“We have a *new* daily inflow record for iShares ethereum ETF…$300+mil. 2nd best day for spot eth ETFs overall since July 2024 launch,” said Nate Geraci, the president of ETF Store (now known as NovaDius Wealth Management).
Meanwhile, the corporate crypto treasury strategy has expanded beyond bitcoin to Ether as well, with public firms such as Sharplink Gaming and Bitmine Immersion Technology putting the asset on their corporate treasuries. SharpLink, in particular, now holds 205,634 ETH, following an acquisition of more tokens on Tuesday. The publicly-traded gaming tech company also said it’s raising more money to fund additional ETH purchases in the coming days.
“In less than one month, public companies will have bought enough ETH to offset all the ETH that’s been created since the merge,” prominent crypto investor Pentoshi observed in a post on X earlier this week. “It’s 1/9th the market cap of BTC, and takes far less capital to move. That capital is clearly coming.”
