Key takeout
- Ethereum hit $4,600 for the first time since November 2021, bringing it to an all-time high of $4,800.
- The total inflow of Treasury and ETFs is fueling the gatherings along with a short slash of $120 million.
Ether, the second largest cryptocurrency by market capitalization, is less than 5% off its all-time high of $4,800 in November 2021. It traded over $4,600 on Tuesday afternoon. Bitcoin’s advantage is below 60% as ETH gains its position.
According to Coinglass data, the rally has caused a short liquidation of over $120 million in the past hour. Market momentum is driven by an increasing wave of Ethereum finance companies, which collectively own more than $9 billion in ETH.
Bitmine, the largest of these holders, was disclosed earlier today to fund additional purchases to expand its equity program in the market to $24.5 billion, as ETH of 1.15 million is valued at around $5 billion.
ETF demand is also adding fuel to the rapid rise. Spot Ethereum Funds has increased its total market capitalization by approximately $5 billion over the past month, bringing its total net inflow to $9.4 billion since its launch in July 2024. On Monday, the product posted its first day with a net inflow of over $1 billion, according to data from Farside investors.
