Ethereum News Today: Ethereum Surges 24% Weekly as Institutions Pour in $2.2 Billion

Ethereum has seen a significant surge in institutional interest, with blockchain data revealing a sudden influx of large-scale ETH acquisitions. Two new wallets, likely linked to institutions, acquired over 58,000 ETH (valued at $212 million) through Galaxy Digital and FalconX. Additionally, a separate whale made a $50 million purchase from Binance, as noted by on-chain analyst EmberCN.

Corporate entities are also actively participating in this trend. SharpLink, now the leading corporate holder of Ethereum, has intensified its accumulation strategy. In the past day alone, the firm added nearly 5,000 ETH, bringing its July total to over 157,000 ETH—valued at nearly half a billion dollars.

Inflows into Ethereum spot ETFs have reached unprecedented levels, with over $2.2 billion pulled in over the past week. This marks a doubling of the previous week’s intake and includes four of the five highest daily inflows since the launch of these funds. This surge has been described as a major vote of confidence in Ethereum's future.

This wave of capital is driven by more than just price speculation. Ethereum’s role in powering stablecoins, decentralized finance (DeFi), and tokenization continues to make it attractive to institutions, including major players like BlackRock.

Arthur Hayes, former BitMEX CEO and current Maelstrom CIO, has predicted that ETH could soon break past $4,000 and potentially challenge $10,000 before the end of the year. At the time of reporting, ETH is holding near $3,710 with a market cap exceeding $450 billion—making it one of the top 25 assets globally.

Ethereum's price has surged significantly, with a 24% weekly gain, driven by institutional interest and the relentless expansion of decentralized finance (DeFi). This surge has sparked speculation among traders about the potential onset of an 'altseason,' a period characterized by substantial gains in alternative cryptocurrencies. The price of Ethereum has reached approximately $3,580, marking a 158% increase since May. This upward trajectory is fueled by record inflows into Ethereum exchange-traded funds (ETFs), totaling $2.1 billion, and significant investments from major institutions such as BlackRock, which recently purchased $406 million worth of Ethereum. These developments signal a strong institutional confidence in Ethereum, with analysts predicting that the cryptocurrency could soon break above the $4,000 mark. The current market sentiment, as indicated by the Ethereum Fear and Greed Index, reflects a high level of optimism, further supporting the bullish outlook. Additionally, Ethereum is experiencing one of the largest short squeezes in crypto history, with a 20% price gain over the past week, which could potentially drive the price to $4,000. The combination of institutional buying, ETF inflows, and market sentiment suggests that Ethereum is poised for an imminent break above $4,000, confirming a bullish breakout.