Ethereum News Today: Ethereum ETFs See $726.74 Million Inflow Driving Price to $3,400

On July 16, Ethereum ETFs experienced their largest single-day inflow, reaching $726.74 million. This significant increase, which was approximately 3.7 times higher than the previous day, underscores the growing institutional demand for Ethereum exposure through ETFs. The cumulative net inflows in Ethereum ETFs have now reached $6.48 billion, driving the price of Ethereum to an all-time high of over $3,400 after more than half a year. The assets under management in this range of ETFs have grown to $16.41 billion, marking a major milestone in the mainstream institutionalization of Ethereum.

The largest inflows were seen in the iShares Ethereum Trust (ETHA) by BlackRock, which raised nearly half a billion dollars in one day, increasing its assets under management to $7.7 billion. Fidelity Ethereum Fund (FETH) also attracted more than $113 million within the same day. Other funds like Grayscale and Bitwise registered significant inflows, further strengthening the demand among various providers.

This surge in capital inflows coincided with Ethereum's price reaching over $3,400, with a daily gain of more than 8.8%. Ethereum's open interest has reached a record high of $45 billion, up 60% from the previous month of June. This indicates that more institutions are becoming involved and that they expect further price fluctuations in the future.

SharpLink Gaming, a prominent player in the gaming industry, recently made a significant move in the cryptocurrency market by acquiring 10,000 ETH from the Ethereum Foundation in an over-the-counter transaction valued at $25.7 million. This deal, which closed on July 10, saw an average purchase price of $2,572.37 per coin. The transaction underscores the growing institutional interest in Ethereum, as SharpLink's Chairman, Joseph Lubin, emphasized the company's commitment to supporting the long-term sustainability and decentralization of the Ethereum network. Lubin noted that SharpLink views this acquisition as part of its long-term strategic goals and plans to stake and re-stake all acquired coins, thereby removing Ethereum from circulation and bolstering the network's security.

The Ethereum Foundation, which sold the ETH to SharpLink, will use the proceeds to fund its core business operations. This strategic sale coincides with a period of heightened market activity, as Ethereum's price surpassed the $3,000 mark for the first time since February on July 11. At the time of writing, Ethereum was trading near $2,965. The Foundation's decision to sell a significant portion of its holdings at this juncture suggests a sophisticated approach to treasury management, aligning sales with local market peaks to maximize returns.

On July 11, an Ethereum Foundation-affiliated wallet sold an additional 1,210 ETH for 3.5 million USDC at an average price of approximately $2,890. This move further highlights the increasing involvement of institutional players in the Ethereum ecosystem and reflects growing confidence in Ethereum’s transition to proof-of-stake and its long-term value proposition. Market observers believe that such large-scale transactions could influence both liquidity and price stability in the short to medium term.

Industry analysts note that the Ethereum Foundation’s strategic sales often coincide with local market peaks, suggesting a sophisticated approach to treasury management. Meanwhile, SharpLink’s decision to immediately stake its holdings demonstrates a commitment to supporting network security and earning passive income through staking rewards. As Ethereum continues to attract institutional attention, such high-profile deals are likely to set precedents for future market behavior and could further legitimize digital assets among traditional investors. The growing institutional interest in Ethereum, coupled with strategic acquisitions and staking initiatives, positions the cryptocurrency for sustained growth and increased relevance in the financial landscape.