Ethereum Surges 30% Amid ETF Inflows and Reduced Exchange Supply

Ethereum's price has surged nearly 30% in one week, outperforming Bitcoin's 22.9% gain. The Ethereum price jumped to $2,546 driven by a massive influx of $697 million into spot ether ETFs and a significant drop in ETH held on exchanges.

The combination of these factors tightened supply and increased institutional demand, pushing ETF assets to $14.3 billion, roughly 4.85% of Ethereum's market cap.

However, heavy futures liquidations and mixed options activity suggest traders are cautious amid overbought conditions.