Ethereum Surges 18%, Reaches New Highs Amid Strong ETF Inflows
Ethereum's price surged by over 18% in a matter of hours, pushing it back above $2,000. The sudden uptick is attributed to a combination of factors, including leverage, new investors, and supply dynamics. In the past three transactions, a whale deposited $20 million worth of USDC on the Hyperliquid exchange and opened a 4x leveraged long position of 20K ETH, valued at $45.38 million.
The move coincided with Ethereum's breakout from a sideways range, suggesting that the whale may have been privy to the uptick. The whale is now sitting on an unrealized profit of $6.66 million.
Ethereum Spot ETFs saw significant buying pressure, with participants purchasing $189.15 million prior to the 18% move. This is the largest single-day buying volume in 10 months, according to data from SoSoValue.
BlackRock, Fidelity, and Grayscale led the pack in Ethereum Spot ETF purchases, with $122 million, $36.54 million, and $16 million respectively. The exchange supply of ETH declined by 15% over the past eleven weeks, with approximately 1.15 million ETH coins withdrawn.