Ethereum Surges 10% as Strong Inflows and BitMine Buying Drive Rebound
Ethereum's price surged over 10% on Monday to reach its highest level in six weeks, trading above $2,300.
This significant increase outpaced Bitcoin's 3% gain and marks a shift after a prolonged stretch of losses for Ethereum.
The rally is attributed to several factors, including strong inflows into U.S. spot Ether ETFs and the purchase of Ethereum by BitMine Immersion, the largest corporate holder pursuing an Ethereum treasury strategy.
According to data from SoSoValue, U.S. spot Ether ETFs took in more than $160 million last week, their strongest weekly inflow since mid-January.
BlackRock's launch of a yield-paying Ethereum staking ETF under the ticker ETHB also contributed to the surge, attracting over $45 million in its first two trading days, on top of a $104 million seed investment, according to data from Farside Investors.
BitMine Immersion purchased approximately 60,999 Ethereum over the past week, bringing its total holdings to roughly 4.596 million tokens, equivalent to about 3.81% of Ethereum's circulating supply.
The position is worth more than $10.4 billion at current prices, and BitMine's combined crypto assets, cash, and venture investments total approximately $11.5 billion.
Analysts say the price action may reflect investors rotating out of Bitcoin and into Ethereum after Bitcoin dominated inflows earlier in the year.