Ethereum Rips to $2,546 as ETF Buyers Fuel Breakout

Ethereum's price surged to $2,546 on Binance after a violent breakout from its mid-August range. The rally was fueled by aggressive buying from ETFs, which pulled in about $697 million in net inflows for the week.

Spot Ethereum exchange-traded funds (ETFs) attracted roughly $189 million on August 19, $221 million on August 20, and $185 million on August 21. Blackrock's ETHA swallowed much of that demand, while Grayscale Mini ETH and Fidelity's FETH also joined the buying.

The rally slammed into a market with less Ethereum parked on exchanges, which dropped about 15% from early June to mid-August. More than 42 million $ETH is locked in staking, shrinking the inventory immediately available to traders.