Ethereum spot ETFs saw record inflows of $729 million on Wednesday, with total assets exceeding $29.7 billion.
Decentralized exchange trading volume reached $6.15 billion in 24 hours, solidifying Ethereum's lead over competing chains.
The trading price of Ethereum on Thursday was $4,702, slightly below its all-time high of $4,865. Driven by accelerated institutional inflows, rising demand for government bonds, and increased activity on decentralized exchanges, the price of Ethereum has risen over 240% since the low in April.
Spot ETH ETFs and corporate purchases drive the price increase.
Spot ETH exchange-traded funds (ETFs) have played a core role in this rally. Data from SoSoValue shows that these funds have attracted inflows for five consecutive months, with $729 million added in just one day on Wednesday. Since their launch, the total inflow of these funds has reached $12 billion. The previous day, these funds attracted $523 million, and on Monday, it reached $1 billion.
The largest among them is the iShares Ethereum Trust (ETHA), which holds over $15 billion in assets. Grayscale's ETHE holds $5.3 billion, and Fidelity's FETH holds $3.95 billion. In total, ETH spot ETFs currently manage over $29.7 billion in assets, accounting for 5.22% of Ethereum's market cap.
Companies are increasingly adding Ethereum to their treasuries, further boosting demand. Currently, treasury holdings are valued at approximately $11.77 billion. Tom Lee's BitMine holds nearly $4 billion in ETH and is seeking $20 billion to expand its position. ShapLink Gaming holds 598,000 ETH, valued at $2.8 billion, and is raising funds for more purchases.
Other large holders include Ether Machine with $1.63 billion in assets and Coinbase, which holds tokens worth over $670 million. If this trend can reflect the corporate adoption trend of Bitcoin (which has already been adopted by over 100 financial companies), then demand for Ethereum may further grow in the coming months.
DEX trading and DeFi dominance drive up Ethereum prices.
Ethereum's decentralized exchange activity is also surging. In the past 24 hours, protocols on the network processed $6.15 billion in transactions, and nearly $120 billion in the past month. This puts Ethereum ahead of other competitors, with Solana's 24-hour trading volume at $4.3 billion and monthly trading volume at $113 billion; BNB Smart Chain's daily trading volume at $2.16 billion and monthly trading volume at $63 billion.
The broader decentralized finance market is another driving force behind Ethereum's rise. Ethereum holds the largest share, with a total locked value of $216 billion and bridge TVL exceeding $550 billion. Leading platforms include Lido ($42 billion), the largest lending protocol AAVE, EigenCloud ($22 billion), and EtherFi and Ethena, each holding over $10 billion in assets.
Ethereum dominates the stablecoin space with an asset size of $138 billion, further solidifying its core position in cryptocurrency trading and liquidity. Analysts believe that this stability, coupled with growing interest from institutional investors, will keep Ethereum's bullish momentum steady.
Cryptocurrency analyst TED predicted in a post on X that Ethereum could reach $5,000 this week. According to CNF's latest update, analyst Ali Martinez expressed a similar view, stating that the upward trend may continue until the price reaches $5,241.
