Ethereum Price Jumps 29.8% Amid Heavy ETF Buying

Ethereum's price surged 29.8% over the past week, outpacing Bitcoin's 22.9% gain during the same period. The token briefly touched $2,546 on Saturday afternoon.

The significant increase was driven by heavy ETF buying and a shrinking pool of ETH sitting on exchanges. Spot ether ETFs attracted approximately $697 million in net inflows over the week, with BlackRock's ETHA leading the charge. This influx of capital pushed total ETF assets to $14.3 billion, or about 4.85% of Ethereum's market cap.

The supply crunch, which has been building for weeks, further contributed to the rally. Exchange-held ETH fell by approximately 15% between early June and mid-August, reducing the available supply and putting upward pressure on prices.