$ETH Ethereum showed the best weekly performance among the top 10 cryptocurrencies. The coin's price increased by 8.5% over the week, exceeding $2000.

The update of Pectra implemented on May 7 was not a key driver of price growth, believes Nansen analyst Nikolai Sondergaard:

"This is a long-term process, not an instant driver".

The expert noted the accumulation of "smart money" — institutions like Wintermute. According to Nansen, within a day the firm stocked up on the second largest cryptocurrency by market capitalization to profit from market making.

Experts from Lookonchain recorded the withdrawal of 41,269 ETH ($75 million) from Binance and Kraken by the London fund Abraxas Capital.