Ethereum climbed above $2,300 in the last 24 hours, rising more than 10% to take the lead in a broader crypto rally. Bitcoin also advanced, but only around 3%, underscoring Ethereum’s relative strength in the current cycle. The move comes as institutional capital appears to re-enter Ethereum-related products. The US spot Ethereum ETF posted net inflows of more than $160 million last week, the largest since January, signaling renewed interest from institutional investors.
BlackRock’s staking-based ETF, ETHB, also drew tens of millions of dollars in the early listing phase, indicating solid demand for ETH exposure. Demand from corporate and mining sectors appears to be broadening as well. Bitmain, which has adopted an Ethereum treasury strategy, purchased about 122,000 ETH over the past two weeks to backstop market demand. Shares of related companies moved higher in tandem with the crypto rally.
Market participants see the latest move as a potential rotation away from Bitcoin-centric funds toward altcoins. Analysts at LMAX Group noted Ethereum’s relative strength could reflect a shift of capital driven by network growth and valuation appeal. Still, macro factors remain a risk. Some analysts cautioned that changes in interest-rate and inflation policy signals could threaten or amplify the rally in altcoins.
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