Ethereum Breaks $4,000: Altcoin Season to Come?
Ethereum’s native asset crossed the $4,000 level for the first time in eight months, reaching an intraday high of $4,055. This key psychological milestone brings the cryptocurrency within approximately $900 of its all-time high of $4,867, set in November 2021.
Institutions and ETFs Fuel Price SurgeETH has seen a significant rally, climbing over 44.5% in the last month. The asset is up 7.9% over the past week and 2.6% during the previous 24 hours. Since April 21, ETH has gained roughly 90% against Bitcoin.
There seem to be two main factors that fueled the recent rally: a surge in institutional accumulation and robust inflows into spot Ethereum ETFs.
A growing number of companies have been aggressively acquiring billions of dollars worth of ETH. BitMine leads the charge with over 833,000 ETH ($3.3 billion), followed by SharpLink with nearly 522,000 ETH ($2.1 billion). Standard Chartered’s Geoffrey Kendrick suggests that these firms are “just getting started” and could eventually hold up to 10% of all ETH.
US spot Ethereum ETFs have seen substantial net inflows, even surpassing their Bitcoin ETF counterparts in recent weeks. These products have attracted nearly $5 billion in the last month alone. They contributed significantly to the total net inflow of $9.4 billion since they began trading in July 2024.
