Ethereum stole the show Monday as ether (ETH) powered a broader crypto rebound, jumping more than 10% in 24 hours to trade above $2,300 — a six-week high. The rally significantly outpaced bitcoin’s roughly 3% gain and the CoinDesk 20 Index’s ~5% rise, signaling renewed investor appetite for assets beyond BTC.
Despite the pop, ETH remains well below its highs: it’s still down more than 50% from its August record and at one point plunged about 65% from the market peak during last year’s downturn. Prices have, however, stabilized through February and March, and institutional flows appear to be turning supportive.
Flows into U.S. spot ether ETFs accelerated last week, pulling in more than $160 million — the strongest weekly inflows since mid-January, according to SoSoValue. Big-name product launches are helping: BlackRock’s yield-paying Ethereum staking ETF (ETHB) has attracted more than $45 million in its first two trading days and came to market with a $104 million seed investment, per data from Farside Investors.
Corporate buying has added another tailwind. BitMine (BMNR), the largest corporate holder pursuing Ethereum treasury strategies, bought nearly 122,000 ETH in the past two weeks — roughly $280 million at current prices. BMNR shares jumped 13.6% Monday, while another ETH-treasury company, Sharplink Gaming (SBET), rose about 9.1%.
Market strategists say the price action may reflect rotation into ether after bitcoin dominated inflows earlier this year. “ETH’s relative strength suggests potential rotation dynamics, possibly tied to network developments and valuation appeal beyond bitcoin,” said Joel Kruger, market strategist at LMAX Group. He noted ETH has broken above a range against bitcoin where it traded since late January, “potentially marking a significant bottom for ETHBTC.”
Adam Saville Brown, head of commercial at Tesseract Group, called Ethereum’s outperformance notable evidence that risk appetite is broadening across crypto: “ETH has broken back above $2,200 after weeks of underperformance. That kind of rotation into the second-largest asset suggests risk appetite is broadening, which tends to be a healthy sign.” He cautioned, though, that the rally remains vulnerable to macroeconomic cues: if Fed Chair Powell strikes a cautious tone on inflation, altcoin gains could give back more quickly than bitcoin. “The floor looks solid. The ceiling requires more than a rate hold to break through,” he said.
Read more: Coverage of the Ethereum Foundation’s new mandate and the debate over its role and priorities.
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