Ethereum surpassed the $4,000 mark for the first time in eight months, reaching a daily high of $4,055. This important psychological milestone puts this cryptocurrency just $900 away from its all-time high of $4,867, set in November 2021.

Organizations and ETFs Driving Prices Soaring

ETH has experienced a significant price increase, rising over 44.5% in the past month. This asset has increased by 7.9% in the past week and 2.6% in the past 24 hours. Since April 21, ETH has increased by about 90% compared to Bitcoin.

It seems there are two main factors driving the recent price increase: the accumulation increase of institutions and strong cash flow into spot Ethereum ETFs.

An increasing number of companies are aggressively acquiring billions of dollars in ETH. BitMine leads with over 833,000 ETH ($3.3 billion), followed by SharpLink with nearly 522,000 ETH ($2.1 billion). Geoffrey Kendrick of Standard Chartered believes these companies are "just getting started" and could eventually hold up to 10% of the total ETH supply.

U.S. spot Ethereum ETFs have seen significant net inflows, even surpassing Bitcoin ETFs in recent weeks. In just the past month, these products attracted nearly $5 billion, contributing significantly to the total net inflow of $9.4 billion since trading began in July 2024.

Market observer Cas Abbé highlighted a "whale" transaction when an investor purchased 10,400 ETH, worth $40.5 million, through an over-the-counter (OTC) deal.

This event follows another significant move from Fundamental Global Inc., which filed for a $5 billion stock offering to acquire more ETH, indicating strong institutional demand.

"$ETH continues to outperform $BTC. Just today, a whale bought 10,400 ETH worth $40.5 million through OTC. Yesterday, Fundamental Global Inc submitted a proposal to purchase $5 billion worth of ETH. It seems that the $4,000 resistance level of ETH will not last long."

Bitcoin Dominance Declines as Altcoin Season Approaches

The rise of ETH coincides with a significant decline in Bitcoin's dominance, with Bitcoin's market share across the cryptocurrency market decreasing by about 59%. This change indicates that capital is shifting from Bitcoin to altcoins, including Ethereum.

Famous trader and analyst Rekt Capital noted on X that "Ethereum Dominance has come about 50-60% of the way in the macro uptrend," comparing it to the previous price increase in 2021.

He predicts that Bitcoin's dominance may temporarily recover. However, he also mentioned that it will eventually "shift to a long-term technical downtrend." This analysis indicates the potential for a broader "altcoin season," where altcoins will see significant growth compared to Bitcoin.