Ethereum has climbed above $4600, gaining 7.5% in the past 24 hours and over 27% during the past week. This marks its highest price since December 2021 and leaves it less than 6% away from its all-time high of $4,878 set in November 2021. The move comes amid surging institutional interest and a sharp rise in corporate ETH holdings.
Institutional Buying Accelerates
The rally is being fueled by aggressive accumulation from Ethereum-focused treasuries. BitMine Immersion Technologies, the largest holder, now owns about 1.2 million ETH valued at $5.3 billion. The company has filed to raise an additional $20 billion, most of which is earmarked for ETH purchases. If completed, the acquisitions could remove more than 4 million ETH from circulation – roughly 4.3% of total supply.
Other major holders, including SharpLink Gaming and The Ether Machine, have also expanded their positions. Combined, corporate treasuries now hold approximately $16.4 billion worth of ETH.
Read also: Ethereum Enters New Phase as Institutions Accelerate Accumulation
ETF Inflows Hit Records
Spot Ethereum ETFs are also seeing unprecedented demand. On August 12, they recorded $524 million in daily inflows, following a $1 billion single-day record the previous day. BlackRock’s ETHA fund led with $319 million on Tuesday, pushing its total historical net inflows above $10.8 billion. Total ETH ETF assets now stand at $27.6 billion, representing nearly 4.8% of Ethereum’s market capitalization.
Industry analysts note that spot ETH ETFs have attracted about $1.5 billion more than Bitcoin ETFs since early July, suggesting a notable shift in institutional allocation patterns.
Read also: Which Coins Are Next In Line For ETF Approval?
Network Activity and Development Growth
On-chain activity remains strong. July saw the largest monthly increase in corporate ETH holdings on record, and new smart contract creation has reached an all-time high based on a 180-day moving average. The 2025 Pectra upgrade, which improved scalability and reduced gas fees, has supported growing DeFi and NFT transaction volumes.
Whether it can break through its 2021 peak may depend on the pace of institutional purchases and the continued strength of ETF inflows.
