Ethereum surged past $3,650 for the first time since January amid renewed on-chain and institutional demand.
Spot ETH ETFs in the U.S. reached $7.09 billion in net inflows, with BlackRock leading with over $546 million.
Exchange data shows Ethereum inflows from on-chain addresses surged, contributing to the price momentum and market optimism.
Ethereum regained upward momentum on July 18, breaking through the $3,650 mark in early morning trading. The cryptocurrency reached a high of $3,669 before stabilizing around $3,651, according to data from crypto.news. This marks Ethereum’s strongest performance since January, following its previous dip from $4,000.
The recent surge reflects a broader uptrend. Over the past seven days, ETH gained 22.24 percent, while the monthly increase now stands at 43.9 percent. Ethereum’s rebound has coincided with its upcoming 10th market anniversary, adding historical context to its rising momentum.
Traders Respond to Renewed Market Optimism
Market participants on X reacted strongly to the price action, signaling renewed confidence in Ethereum’s future. Many compared the recent upswing to a comeback and projected further gains ahead. Social media commentary highlighted Ethereum’s renewed relevance in the ongoing bull cycle.
Significant inflows into exchanges have contributed to the price movement. On OKX, Ethereum saw $3.8 million in inflows within one hour, while outflows reached $1.76 million. This created a net inflow of over $2 million. Notably, over 90 percent of this capital originated from on-chain addresses, signaling heightened engagement from retail and institutional holders.
Spot ETFs Draw Billions in Inflows
Spot Ethereum ETFs have shown strong performance. According to SoSo Value, cumulative net inflows for U.S.-listed ETH ETFs reached $7.09 billion as of July 17. The daily net inflow hit $602 million, following a record $717 million inflow the previous day.
BlackRock’s ETHA leads the ETF market with $546.7 million in inflows. Fidelity and Grayscale followed with inflows of $17.19 million and $29.9 million, respectively. Their consistent capital movement reflects broader institutional interest in Ethereum as an alternative investment.
Bitmine Immersion, a crypto mining and Ethereum treasury firm, announced that its ETH holdings surpassed $1 billion. The firm currently holds over 300,000 ETH, which exceeds the Ethereum Foundation’s reserve by approximately $400 million.
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