Ethereum Surges Past $4,000
In a remarkable turn of events, Ethereum has crossed the $4,000 mark for the first time since March 2024, reflecting a major resurgence in its value.
This dramatic surge can be primarily linked to a robust demand for Ethereum exchange-traded funds (ETFs), which have seen inflows soar beyond the $1 billion mark just last week.
Over the past month, the cryptocurrency’s value has skyrocketed by 65%, marking an impressive recovery after facing significant challenges against Bitcoin.
Record-Breaking Inflows
A significant factor fueling this upward trajectory is the increased interest from institutional investors in Ethereum.
Just yesterday, the ETFs experienced a record-breaking daily inflow of $428 million.
Overall, during the last week, Ethereum ETFs collectively attracted more than $1 billion in investments, with $788 million of that influx reportedly coming from BlackRock, according to insights from Farside Investors.
Market Dynamics and Regulatory Support
This surge of investment has boosted Ethereum’s market capitalization to above $485 billion.
The rising price has sparked intense trading activity, leading to around $8 million in liquidations occurring within a single hour, while total liquidations reached $11 million over a four-hour period, as tracked by CoinGlass.
The market’s positive momentum is further strengthened by recent appointments made by Donald Trump, including Paul Atkins as the new SEC chair and David Sacks, who will oversee cryptocurrency regulation.
Both individuals are recognized for their supportive stance on digital currencies, which adds to the overall optimistic atmosphere currently enveloping the market.
Source: Cryptobriefing
