ETH Surges 4.63% as $73M ETF Inflows and Scaling Upgrades Drive Record Trading Volumes

Ethereum (ETHUSDT) experienced a 4.63% price increase over the past 24 hours, rising from 3,652.81 to 3,821.95 USDT on Binance. This upward movement is primarily attributed to strong institutional interest, as evidenced by net inflows of $73.22 million into Ether ETFs and significant accumulation by large wallets, including a notable increase in holdings by The Ether Machine. Additionally, positive sentiment has been supported by recent technological advancements, such as the Ethereum Foundation's scaling updates and increased gas limits, which have reinforced confidence in the network's long-term potential. The market also saw heightened trading activity, with 24-hour volumes exceeding $29.5 billion, reflecting robust participation amid ongoing volatility and liquidations totaling $63.58 million. Ethereum remains the second-largest cryptocurrency by market capitalization, maintaining a strong position in both the DeFi and NFT sectors.