Ethereum Surges Past $3,000: ETF Boom and Treasury Boost Drive Rally
ethereum Surges Past $3,000 Amid Record ETF Inflows
ethereum (ETH) has crossed the $3,000 threshold for the first time in five months, experiencing a remarkable increase of nearly 9% within a 24-hour period. This surge is attributed to a wave of positive momentum in the broader cryptocurrency market.
ethereum‘s Recent Performance
Currently trading at approximately $3,055, ETH has gained nearly 8% in the last day. The last time it reached this price point was on February 2, prior to a significant downturn that saw its value plummet to as low as $1,387 in April. This decline was largely influenced by market uncertainties following former President Donald Trump’s announcement regarding tariffs.
Despite ethereum‘s impressive recovery, it still lags behind Bitcoin (BTC), which has recently achieved new all-time highs. As a result, ethereum remains about 38% below its peak value of $4,878, recorded in November 2021.
Record Inflows into ethereum ETFs
A key factor driving ethereum‘s recent rise is renewed interest from institutional investors, particularly through spot ethereum exchange-traded funds (ETFs). BlackRock’s iShares ethereum ETF (ETHA) reported an unprecedented $300.9 million in net daily inflows, coinciding with ETH’s approach to the $3,000 mark. This milestone represents the ETF’s strongest performance since its inception, bringing its total inflows over the past five days to $623.4 million. The previous record for daily inflows was $292.7 million, set on December 5, 2024.
In total, U.S.-listed spot ethereum ETFs attracted a combined $383.1 million in net inflows on the same day. Fidelity’s FETH contributed $37.3 million, while Grayscale’s ETH and ETHE added $20.7 million and $18.9 million, respectively. Smaller contributions came from Bitwise’s ETHW and VanEck’s ETHV, which recorded inflows of $3.2 million and $2.1 million.
Industry experts have noted the significance of these inflows. Nate Geraci, president of NovaDius Wealth Management, remarked on social media about the record inflow for the iShares ethereum ETF, while Bloomberg’s senior ETF analyst Eric Balchunas highlighted that ETHA also achieved record trading volumes exceeding $800 million on both Wednesday and Thursday.
SharpLink Gaming Expands ETH Holdings
In another development supporting ethereum‘s bullish outlook, SharpLink Gaming, a company listed on Nasdaq, announced a substantial purchase of 10,000 ETH from the ethereum Foundation. This acquisition, valued at $25.7 million, was executed at a price of $2,572.37 per coin on July 10. Following this transaction, SharpLink’s total ETH holdings have risen to approximately 215,634 coins, worth around $558 million at current market rates.
This move positions SharpLink as the second-largest corporate holder of ethereum, signaling the company’s commitment to the ethereum ecosystem. Joseph Lubin, ethereum co-founder and SharpLink’s chairman, emphasized the firm’s strategy of acquiring, staking, and restaking ETH to enhance the network’s decentralization and reduce supply in circulation.
SharpLink has been shifting its financial focus toward ethereum since early June, funding this initiative through at-the-market share sales. The company successfully raised up to $425 million in a private placement led by Consensys, Lubin’s crypto infrastructure firm.
The direct transaction between the ethereum Foundation and a publicly traded company is a rare occurrence, marking a significant step in the ongoing adoption of cryptocurrencies by institutional investors.
