Ethereum Surges 18% as ETF Inflows Reach Record High
Ethereum's price surged over 18% in recent hours, breaching the $2,000 level and pushing towards new highs. The altcoin's sudden uptick is attributed to a combination of factors, including leverage, new investors, supply dynamics, and a breakout from an accumulation pattern.
A whale on the Hyperliquid exchange loaded $20 million in USDC and opened a 4x leveraged long position of 20K ETH, worth $45.38 million, just before the price surge. This move suggests the whale may have been privy to the upcoming increase in Ethereum's value.
The exchange supply of ETH has also decreased by 15% in eleven weeks, with approximately 1.15 million coins withdrawn from circulation. This decrease in supply could contribute to the rising demand and subsequent price increase.
Ethereum Spot ETFs saw their largest single-day inflows in 10 months, with participants buying $189.15 million prior to the price surge. The influx of new capital has further fueled the altcoin's rally, pushing its price towards $2,500.