ETH Surges 5.88% as Spot ETF Inflows and On-Chain Activity Drive $30B Trading Volume

Ethereum (ETHUSDT) has risen 5.88% in the past 24 hours, currently trading at 3888.14 USDT on Binance. The price surge is primarily attributed to increased bullish sentiment, a sharp rise in trading volume, and a significant drop in ETH supply on centralized exchanges, which has heightened price sensitivity to new demand. Additional factors include strong institutional interest, with spot Ethereum ETFs seeing notable inflows in July, and a resurgence in on-chain activity as daily transactions approach all-time highs. Despite a recent $465 million outflow from spot Ethereum ETFs and a decrease in futures open interest, market momentum remains positive, supported by technical milestones and scaling developments on the Ethereum network. Ethereum’s market capitalization is approximately $470 billion, with 24-hour trading volume surging to over $30 billion, reflecting robust market activity and volatility.