Ethereum’s strength extends to the broader Altcoin market. The token had touched on an intraday high of $3,463 earlier in the day. The rally came on Wednesday when we saw the biggest daily net influx recorded by the largest US registered Ethereum ETF.
Ethereum has gathered rapidly over the past 24 hours, flowing into record ether exchange sales funds (ETFs) above $3,400 for the first time since mid-January, reinforcing bullish sentiment, which has strengthened institutional accumulation.
Ether traded at $3,436 early on Thursday, up 8.4% over the past 24 hours.
The token had touched on an intraday high of $3,463 earlier in the day.
The rally came as nine US-listed Ethereum ETFS recorded its biggest daily net influx on Wednesday, winning a total of $726.74 million, according to data from Farside investors.
BlackRock’s Ishares Ethereum Trust (ETHA) led the inflow with $499 million, while Fidelity’s Feth led with $113 million.
That surpasses the previous record of $428 million set on December 5, 2024. This is a jump of nearly 70%.
A surge in purchases saw the total net inflow in July reach $2.27 billion, the best month since the ETF was launched a year ago.
US Spot Ether ETFs currently hold overall ETH of over 5 million. This is more than 4% of the circulation supply.
On Wednesday alone, ETF absorbed almost 107 times the ETH issued by the network, according to Ultra Sound Money.
Interest in ETH is growing
The institutional interests are also reflected in the direct ETH holdings by the Ministry of Corporate Finance.
Strategic ETH reserve data shows that the Treasury holds more than $5.333 billion in ETH, equivalent to 1.33% of its total supply.
Over $1.6 billion in ETH was added by businesses in June alone.
One of the most offensive buyers is Sharplink Gaming, who has purchased another $68 million worth of ETH in the last 24 hours.
In the past eight days, the company has acquired $343 million in ETH, according to the blockchain analytics platform LookonChain.
Separately, World Liberty Financial, a company linked to President Donald Trump, added an additional $5 million ETH on Wednesday at a price of $3,266, exceeding the historic average purchase range from November 2024 to March 2025.
Bitmine Immersion Technologies, chaired by Fundstrat’s Tom Lee, has revealed its ETH holdings are currently over $500 million.
Altcoin Market Follows ETH’s Lead
Ethereum’s strength expanded into the wider altcoin market, recording several tokens, recording amid the updated risk appetite of cryptocurrency.
The current momentum of ETH is driven by a mix of demand for spot ETFs, the Ministry of Finance accumulation and supply absorption, but has further increased assets when market conditions are favorable.
In the last 24 hours, several major altcoins have outperformed Bitcoin, recording a meagre gain of just 0.7%.
XRP was one of the leaders of the rally, with a sharp rise of 7.6% followed by Dogecoin, which rose 6.9%.
Solana added 5.2%, BNB added 3.4%, Tron Rose 3.2%, and Cardano added 3.5%.
