ETH Surges 6% as Institutional Inflows, EIP-9698 Proposal, and Layer 2 Growth Drive Momentum

Ethereum (ETHUSDT) experienced a 6.01% price increase over the last 24 hours, rising from 2450.91 to 2598.23 on Binance. This upward movement is primarily attributed to strong institutional inflows into US spot Ethereum ETFs, which saw seven consecutive weeks of net inflows totaling 106,000 ETH last week, and continued positive sentiment driven by the introduction of the EIP-9698 proposal aiming to increase Ethereum’s gas limit and network capacity. Additional bullish momentum is supported by Ethereum futures trading volumes reaching 98% of Bitcoin's and robust activity on Layer 2 networks, which now handle 58% of DeFi transaction volume.

Currently, Ethereum trades at 2598.23 on Binance with a 24-hour trading volume of approximately $1.68 billion for the ETH/USDT pair, and a total market capitalization around $313.26 billion, reflecting strong market activity and renewed investor confidence.