Ethereum (ETH) is propelling the cryptocurrency market higher, trading at $4,625, just 4% shy of its all-time high of $4,891. The second-largest cryptocurrency has gained close to 30% in the past week, outperforming all other top altcoins.
Driving this rally are record-breaking inflows into spot Ethereum ETFs, with $1.54 billion entering in just two days. BlackRock’s ETHA fund leads the charge, surpassing $10.5 billion in assets under management.
Institutional accumulation is adding fuel to the fire. BitMine Immersion Technologies announced plans to raise up to $24.5 billion for ETH purchases, aiming to control up to 5% of the total supply. SharpLink followed with a $389 million fundraising, dedicating nearly all proceeds to Ethereum acquisitions.
On-chain data from Santiment shows retail traders are selling into the rally, a pattern that has historically preceded further price gains. Corporate treasuries, however, are accumulating aggressively, creating minimal resistance for a breakout to fresh highs.
While other major altcoins like Solana (+12.9%), Cardano (+10%), and Chainlink (+12%) have posted strong gains, analysts note that this cycle is more of an “Ethereum season” than a general altcoin season.
Benjamin Cowen highlights that altcoins excluding ETH and BTC (TOTAL3) have dropped 50% against ETH since April, indicating Ethereum’s dominance.
Ethereum’s fundamentals remain robust, with total value locked (TVL) surpassing $90 billion, the highest since 2022. Derivatives market activity is also heating up, with open interest hitting $12.1 billion, the highest since March 2024.
If momentum continues, a break above $4,750 could send ETH toward $5,000 and beyond, solidifying its position as the institutional favorite alongside Bitcoin.
Cover image from ChatGPT, ETHUSD chart from Tradingview
