ETH rises above $3,300 as spot Ethereum ETFs post record $726 million in daily net inflows

Ethereum saw notable gains in the 24 hours leading up to early Thursday morning, in addition to surging institutional demand.

According to The Block's crypto price page, Ether has added 7.4% to trade at $3,342 as of the time of writing. It had reached a local high of $3,416 earlier in the day. This is the cryptocurrency's highest price level since mid-January.

The price surge comes as nine spot Ethereum exchange-traded funds saw their most significant daily net inflow on Wednesday, totaling $726.74 million. The inflows were led by $499 million into BlackRock's ETHA, with eight out of nine ether funds reporting positive flows for the day, according to SoSoValue data.

So far in July, ETH ETFs have attracted total net inflows of $2.27 billion, the highest monthly amount since the funds were launched in July 2024.

"Ethereum is increasingly being seen as a long-term institutional asset, not just a trading vehicle," said Rachael Lucas, crypto analyst at BTC Markets. Lucas added that the fact that these funds collectively own 4% of Ether's total market capitalization strongly indicates a rapid influx of institutional capital.

"Combine that with more than US$2.5B in daily trading volume, bullish chart setups, and capital rotation out of bitcoin, and you've got a breakout that’s being driven by both fundamentals and sentiment," said Lucas.

LVRG Research Director Nick Ruck said Ether's current momentum is also backed by an increasing number of public companies investing in the cryptocurrency as a treasury asset.

Consensys-backed Ethereum treasury firm SharpLink Gaming recently became the largest holder with 280,706 ETH as of July 15, surpassing the Ethereum Foundation's holdings. Arkham data shows that the company bought an additional 20,279 ETH on Wednesday.

"With the increase in demand for ETH, traders view the digital asset as underpriced, while its tokenomics and ecosystem show strong fundamentals and limited supply growth in the future," Ruck said. "We're optimistic that ETH can continue to rise as investors look for the cryptocurrency to reach past its previous all-time high at around $4,600."

Meanwhile, other altcoins also rallied alongside ether. XRP rose 5% to $3.05, Solana rose 5.16% to $170.96, while BNB added 3.44% to $710. Bitcoin showed comparatively small gains of 0.71%, trading at $118,395. According to TradingView , Bitcoin dominance fell 2.59% over the past week to 63.09%.

"Bitcoin dominance is slipping, and historically, that’s a precursor to altcoin season," BTC Markets' Lucas said. "Add in tightening supply through staking, institutional buying, and macro tailwinds, and we’ve got the makings of a strong altcoin cycle."

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