On Wednesday, Ethereum reached a five-month high of $3,470. The asset has since slightly dipped to $3,466 but remains elevated, with 24-hour gains exceeding 8%, according to crypto data sourced by ZyCrypto. ETH has witnessed an impressive 32% rally in the past 14 days. Although Bitcoin has recently smashed fresh all-time highs, ETH remains far below its 2021 peak of nearly $4,900.
Nonetheless, the latest price spike coincides with accelerated institutional accumulation, with spot ETH exchange-traded funds in the U.S. attracting over $726.74 million on Wednesday, marking their most significant daily net inflow.
ETH ETFs Post Their Best Day Ever
The massive inflows to ETH ETFs were led by BlackRock’s ETHA at $500 million, with eight out of the nine Ether funds recording positive flows for the day. Fidelity’s FETH saw the second highest investment of $113 million, Farside Investors data shows.
The overall inflows on July 16 beat the previous net inflow record set on December 5, 2024, by roughly 70%, when investors stuffed $428.5 million into the Ethereum funds.
So far this month, ETH ETFs have drawn in total net inflows of $2.27 billion, the highest monthly amount since the funds debuted last July. This suggests that the second-largest crypto is increasingly being seen as a long-term institutional asset, not just a trading tool.
According to an X user going by the online alias Trader T, the US spot ETH ETFs now collectively hold over 5 million ETH, which is equivalent to more than 4% of the asset’s supply, an indication of a rapid influx of institutional money.
Corporations Pile Into Ethereum
Ether’s current bullish momentum is also backed by a growing number of public companies investing in the cryptocurrency as a treasury asset.
Ethereum treasury firm SharpLink Gaming, founded by Ethereum co-founder Joseph Lubin, recently became the biggest holder with 280,706 ETH as of July 15, outpacing the Ethereum Foundation’s stack.
Meanwhile, Peter Thiel and his Founders Fund have acquired a 9.1% stake in BitMine Immersion Technologies, a crypto mining company that holds roughly half a billion dollars worth of ETH in its treasury.
ETH is now up 34% month-to-date, and if the institutional demand continues to soar, the crypto asset may be on track to smash a new lifetime high.
