Ethereum Surges Past $2,600 Amid ETF Inflows and Short Liquidations

Ethereum surged to its highest level since January on Friday, September 11, reaching $2,660. This increase came as ETF inflows and short liquidations supported a broader crypto rebound.

The BlackRock Ethereum ETF, ETHA, extended a 20-session streak of net inflows without an outflow, attracting $251.4 million in the process. Meanwhile, Cryptobriefing reported $216 million in net inflows to Ethereum ETFs on September 11.

Ethereum's gain was more pronounced than other major cryptocurrencies, with a 8% increase over 24 hours. Bitcoin rose about 2.7%, Solana gained 5.3%, and XRP advanced 4.2%. The broader cryptocurrency market increased 1.1% to around $2.75 trillion.

ETH accounted for approximately $250 million of the $665 million in crypto liquidations over 24 hours, with most of these being short positions. This followed a hotter August core CPI reading, which lifted market pricing for a Federal Reserve rate hike.