Key Insights:
- Ethereum touched $3,810 today as strong ETF inflows and investor accumulation pushed the asset within reach of its previous all-time high.
- BlackRock’s iShares Ethereum ETF led the $4.1 billion inflows, surpassing Bitcoin ETFs and driving broader optimism around Ethereum’s performance.
- A major ETH accumulation by whales and new wallets suggests long-term confidence and has added further support to Ethereum’s ongoing price rally.
Ethereum (ETH) has gained a slight upward surge against the dollar by hitting an intraday high of 3,810 on the Bitstamp Exchange earlier today, representing a major recovery of the 3,800 price. The increase in price is being accompanied by the approach of the token to its all-time high in November 2021, which is now almost 22.8% lower at 4,878.
The ETH has gained 54% in the last month, and an increasing interest from institutional and retail investors has propelled it to appreciate rapidly. The increased requirement has been mainly as a result of a robust inflow into Ethereum-based exchange-traded funds, especially within the last 10 days.
Ethereum ETFs report heavy inflows
Ethereum ETFs have recorded a total of $4.1 billion in inflows during this period, with July 22 alone bringing in $533 million. Notably, BlackRock’s iShares Ethereum Trust ETF has played a leading role in drawing investor capital, significantly outpacing the inflows into Bitcoin-based ETFs over the past week.
Source: TradingView
According to market predictions on Polymarket, there is a 33% probability that ETH will surpass the $4,000 mark by the end of July. Moreover, 89% of users expect the token to reach that level at some point this year. Approximately 54% believe Ethereum will break past the $5,000 mark before the year concludes.
Large ETH acquisitions suggest bullish sentiment
Recent on-chain data from Lookonchain indicates that a whale associated with DeFiance Capital acquired 30,366 ETH, valued at about $114 million. Additionally, eight newly created wallets accumulated a combined 583,248 ETH, roughly $2.2 billion, over the last month. These wallet movements have further strengthened investor confidence and contributed to the price rally.
Ethereum has also reached an all-time high in open interest, suggesting an increasing number of active contracts and heightened market activity. This growing participation across markets continues to add momentum to ETH’s price trajectory.
