Ethereum breaks $3,424, reaching a new high since February this year! ETH to BTC exchange rate has rebounded strongly by 50% in the past three months.

As Bitcoin continues to set historical highs and consolidates at current high levels, Ethereum takes over this wave of growth, standing at $3,424 around 4:24 AM Taiwan time on July 17, marking a new high since February of this year. The daily increase reached as high as 11%!

ETH to Bitcoin exchange rate rises

At the same time, with the rise of Ethereum, the ETH/BTC exchange rate has also risen to a peak of 0.02868, increasing by 17.2% in the past week and by 50.11% in the past three months.

Multiple factors driving ETH rise

It is worth noting that this wave of ETH rising is not a one-day occurrence, but the result of multiple funding and fundamental threads working simultaneously.

First, there has been a frenzy of inflow from ETF funds. According to statistics, Ethereum spot ETFs have seen a net inflow of about $1.55 billion in the past two weeks. On July 16 alone, Fidelity products gained $12.2 million, while BlackRock's ETHA fund has amassed $3.3 billion since April.

Secondly, companies are also increasing their allocations. Public companies like SharpLink Gaming are starting to emulate MicroStrategy's approach by building Ethereum reserves. This dual buying force of 'corporate treasury + ETF' has reduced the ETH supply on exchanges to a near nine-year low, thereby pushing up the ETH price.

Finally, the next breakout point points to the staking function. The market expects that if a spot ETF with staking yield versions is launched in the future, it would equate to an additional annualized return of 3%-4%, which will undoubtedly amplify long-term buying power.

In response, Wall Street analysts have recently asserted:

The continuous inflow of ETF funds, combined with Ethereum's core status as Web3 infrastructure, means this wave of growth is far from over; $3,500 or even $4,000 is not considered aggressive.