ETH surged about 10% to clear $2,300, a six-week high that outpaced bitcoin and the broader crypto market. U.S. spot ether ETFs posted the strongest weekly inflows since mid-January, while Bitmine stepped up its purchases to support ETH strength. Analysts say the breakout against bitcoin could signal a broader rotation into altcoins, though macro risks remain.
Despite the rebound, ETH is still down more than 50% from its August peak, having fallen as much as 65% from its winter high. Prices have stabilized in February and March, and institutional flows are beginning to turn supportive. U.S. spot ether ETFs pulled in more than $160 million last week, marking their strongest weekly inflows since mid-January. BlackRock’s ETHB launched with more than $45 million in inflows in its first two trading days, on top of a $104 million seed investment.
Meanwhile, BitMine (BMNR), the largest corporate holder focused on Ethereum treasury strategies, has purchased nearly 122,000 ETH in the past two weeks, worth roughly more than $280 million at current prices. BMNR shares are higher by 13.6% on Monday, and Sharplink Gaming (SBET) is seeing a 9.1% advance. Analysts say the price action could reflect investors rotating into ether after bitcoin-dominated inflows earlier this year.
Analysts say the price action could reflect investors rotating into ether after bitcoin-dominated inflows earlier this year. Joel Kruger, market strategist at LMAX Group, noted that ether has broken above an important range against bitcoin since the end of January. Adam Saville Brown, head of commercial at Tesseract Group, said the rotation into the second-largest asset suggests risk appetite is broadening, though the rally could be sensitive to macro signals. He warned that the floor looks solid, but the ceiling may require more than a rate hold to break through.
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