Ethereum is trading close to $3,950 after briefly surpassing $4,000 earlier today, reaching $4,011 before easing slightly. This is the first time since December that the asset has touched this level. The recovery is even more significant given that ETH briefly dropped below $1,500 in April.
Ethereum’s network has also reached a new all-time high in activity, averaging 1.74 million daily transactions over the past week. Staking has also grown, with over 36 million ETH – nearly 30% of total supply – now locked. This reduction in circulating supply is seen as a contributing factor to recent price strength.
Institutional Holdings and ETF Inflows
Corporate treasuries have been expanding their ETH reserves. Companies such as BitMine Immersion Technologies, SharpLink Gaming, and The Ether Machine collectively hold nearly $12 billion worth of ETH.
U.S. spot Ethereum ETFs have also seen strong inflows, adding nearly $5 billion in the past month. BlackRock’s iShares Ethereum Trust led recent gains, contributing over $100 million in a single day.
ATH Is Getting Closer
Ethereum still remains around 19% below its all-time high of nearly $4,900 reached in November 2021. However, a recent combination of record network activity, reduced liquid supply from staking, and increased institutional participation might contribute to further growth.
