Ethereum Blasts Past $2,500 as Spot ETF Buying Ignites Violent Breakout

Ethereum's price surged to $2,546.78 on Binance after a violent breakout from its mid-August range of $1,800-$1,900.

The sudden jump was fueled by heavy buying in spot Ethereum exchange-traded funds (ETFs), which pulled in about $697 million in net inflows for the week.

Total assets under management in spot Ethereum ETFs climbed toward $14.3 billion, equal to about 4.85% of Ethereum's market capitalization.

The rally was also driven by aggressive buying and short covering, which poured fuel on the fire but left derivatives traders vulnerable to sudden reversals.