Ethereum Soars to $4,500, Eyeing ATH Amid Institutional Buying Frenzy ๐
Ethereum (ETH) jumped 4.4% in 24 hours to a multi-year high of ~$4,500 โ its strongest level since December 2021 โ fueled by a $157M short squeeze, with $102M in short positions liquidated. The surge puts ETH less than 10% from its all-time high, with traders eyeing a possible August breakout.
Institutional flows are driving the rally:
U.S. spot ETH ETFs saw a record $1.02B net inflow Monday, led by BlackRockโs ETHA and Fidelityโs FBTC.
BitMine expanded its equity program to $24B to buy more ETH.
SharpLink Gaming added 5,226 ETH, raising holdings to 604,026 ETH ($2.6B).
A new whale wallet withdrew 23,365 ETH ($104M) from Kraken.
While altcoins like LINK, DOGE, and SOL show bullish momentum, analysts suggest this may be ETH season rather than a full altseason โ though a September Fed rate cut could ignite a broader market rally.