ETH Surges 2% to $2,990 as Spot ETF Inflows Top $5 Billion and Supply Tightens

Ethereum (ETHUSDT) has experienced a 2.04% price increase over the past 24 hours, with the current price at $2,990.87 on Binance. This upward movement is primarily attributed to strong institutional inflows following the recent approval of spot Ethereum ETFs in the United States, which has resulted in over $5 billion in new investments and a reduced supply of ETH on exchanges. Additional positive sentiment comes from record inflows into U.S.-listed ETFs, particularly BlackRock's ETHA ETF, and ongoing optimism around Ethereum's role in DeFi and staking. However, some analysts note signs of potential exhaustion after the rally, with technical indicators suggesting a possible short-term correction. Trading volume for ETH/USDT on Binance reached over $941 million in the last 24 hours, while the broader 24-hour volume for Ethereum was around $16.1 billion, indicating active but slightly reduced trading compared to the previous day. Ethereum's market capitalization remains robust at approximately $361.5 billion, maintaining its position as the second-largest cryptocurrency.