ETH Surges Past $3,000 as $80M ETF Outflows and Massive Staking Reshape Trading Dynamics

Ethereum (ETHUSDT) has risen 2.11% in the last 24 hours, with the Binance-reported price at 3,008.01 USDT. The price increase can be attributed to several factors: substantial net outflows of $80.3 million from Ethereum ETFs, significant on-chain activity including Bitmine’s staking of 342,560 ETH impacting circulating supply, and an improvement in trading conditions following Phemex’s liquidity upgrade, which may have contributed to tighter spreads and more efficient trading. The recent upward movement above the 3,000 USDT level marks a potential breakout from prior consolidation, despite mixed short-term sentiment and active trading volume exceeding $8.4 billion. Ethereum maintains its position as the second-largest cryptocurrency, with a circulating supply of about 120.69 million ETH and a market cap near $359.8 billion.