$ETH Ethereum has crossed the $4,000 mark for the first time in eight months, hitting a daily high of $4,055 — just $900 shy of its all-time high of $4,867 from November 2021. This milestone comes amid strong market momentum and growing speculation that an altcoin season could be on the horizon.
Institutions and ETFs Fuel the Surge
Over the past month, ETH has soared 44.5%, with gains of 7.9% in the last week and 2.6% in the last 24 hours. Since April 21, it has outperformed Bitcoin by nearly 90%. Two main forces are driving this rally: large-scale institutional accumulation and record inflows into U.S. spot Ethereum ETFs.
Major players are securing massive ETH holdings — BitMine leads with 833,000 ETH ($3.3B), followed by SharpLink with 522,000 ETH ($2.1B). Analysts believe institutional buying is only just beginning, with the potential to capture up to 10% of Ethereum’s total supply. Spot ETH ETFs have pulled in close to $5B in the past month, outpacing Bitcoin ETFs and bringing total inflows since July 2024 to $9.4B.
The bullish sentiment was reinforced by a $40.5M whale purchase (10,400 ETH) via OTC and Fundamental Global Inc.’s $5B stock offering to acquire more ETH. Market watchers suggest ETH’s $4,000 resistance could be short-lived.
Bitcoin Dominance Slips — Altcoins in Focus
ETH’s rally coincides with a drop in Bitcoin’s market dominance to around 59%, signaling a capital shift toward altcoins. Analyst Rekt Capital notes Ethereum dominance is halfway through a major uptrend similar to 2021’s breakout, predicting Bitcoin’s dominance may see a brief recovery before entering a longer-term downtrend — a scenario that could trigger a full-fledged altcoin season
