Ethereum ETF Inflow Sends Price Soaring to $2,449

Ethereum's price surged to $2,449 on August 21, outperforming Bitcoin's nearly flat performance.

The significant increase was driven by sustained institutional demand through U.S. spot Ethereum ETFs, which pulled in a net $693 million over five consecutive days ending August 21.

This surge of spot buying coincided with a market where readily available supply is shrinking, exchange-held ETH dropped about 15% from June to mid-August, and over 33% of the supply is locked in staking.

Institutional capital provided a strong, sustained bid, amplifying the price impact due to reduced liquid supply.