ETH Surges Past $1,980 as Institutional Support Fuels Rally

Ethereum (ETH) prices surged to $1,980 on Monday, marking a significant gain of over $100 from the previous day and pushing its market capitalization to $237 billion. This rise effectively erased losses suffered by ETH since July 22 when it fell below $1,900.

The surge also lifted ETH's seven-day gains to nearly 6% and left it poised to reclaim the $2,000 level for the first time since June 2. Meanwhile, short bets on ETH were wiped out in a brutal manner, with $113 million in shorts liquidated in just 24 hours compared to only $10 million in long bets.

Analysts attributed the sustained inflows into spot ETH ETFs over the past few days as one of the primary drivers behind the surge. Data shows that these ETFs absorbed nearly $104 million between July 20 and 24, indicating strong institutional support for the digital asset.

In a significant development, Circle secured final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, which is expected to reduce regulatory friction for institutional players and accelerate enterprise adoption across Ethereum's decentralized finance (DeFi) ecosystem.