Ethereum Surges 63% in 30 Days, Institutional Interest Drives Price to New Highs

Ethereum's latest price was $, in the last 24 hours. The cryptocurrency has been making headlines recently due to its significant institutional interest and growing network activity. The surge in Ethereum's price has been attributed to a combination of factors, including surging onchain activity, robust demand for leveraged exposure, and a less restrictive monetary policy in the United States.

Institutional investors have been increasingly interested in Ethereum, with inflows into ETH-based funds surging over the past six weeks. This has led to a surge in the asset's price, with Ethereum ETFs outperforming Bitcoin products and becoming a central topic of conversation among institutions. The momentum-building of Ethereum has been attributed to the $6.6 billion ETH treasury of BitMine, which has provided a stable anchor for the asset.

Institutional confidence in Ethereum has been further strengthened by the launch of new products on the Ethereum network. Wholesalers are creating innovative products, while newbies are exploiting deeper liquidity pools, leading to a diversification of investment strategies. Despite phases of profit-taking, the appetite of institutions for Ethereum remains strong, demonstrating the asset's structural staying power on Wall Street.

Ethereum network activity has surged by 63% in the past 30 days, with transactions and active addresses on the network increasing significantly. This has strengthened the case for an imminent breakout to $5,000, as investors price in a less restrictive monetary policy in the United States following remarks from US Federal Reserve Chair Jerome Powell. The tech-heavy Nasdaq Index has also climbed, suggesting investors are shedding risk aversion and reallocating away from fixed-income positions.

Ether futures open interest has jumped to $69 billion, highlighting robust demand for leveraged exposure. Despite recent liquidations of bearish positions, aggregate open interest on Ether futures remains robust, reflecting steady demand for exposure. This combination of elevated futures premiums, resilient open interest, and booming onchain activity strengthens the case for a breakout, suggesting the $5,000 milestone could arrive sooner than many traders expect.

Ethereum's growing activity and institutional interest have led to a surge in its price, with the asset reaching a new all-time high. This has been driven by a combination of factors, including surging onchain activity, robust demand for leveraged exposure, and a less restrictive monetary policy in the United States. As Ethereum continues to gain traction among institutions, the asset's structural staying power on Wall Street is becoming increasingly apparent.