The strength in Ethereum has extended to the broader altcoin market.
The token had touched an intraday high of $3,463 earlier in the day.
The rally came as nine US-listed spot Ethereum ETFs saw their largest combined daily net inflow on record Wednesday.
Ethereum rallied sharply over the past 24 hours, breaking above $3,400 for the first time since mid-January as record inflows into spot Ether exchange-traded funds (ETFs) and rising institutional accumulation reinforced bullish sentiment.
Ether was trading at $3,436 early Thursday, up 8.4% in the past 24 hours.
The token had touched an intraday high of $3,463 earlier in the day.
The rally came as nine US-listed spot Ethereum ETFs saw their largest combined daily net inflow on record Wednesday, totalling $726.74 million, according to data from Farside Investors.
BlackRock’s iShares Ethereum Trust (ETHA) led the inflows with $499 million, followed by Fidelity’s FETH with $113 million.
That total surpasses the previous record of $428 million set on December 5, 2024 — a nearly 70% jump.
The surge in buying pushed total net inflows for July to $2.27 billion, making it the best month since the ETFs were launched a year ago.
US spot Ether ETFs now collectively hold over 5 million ETH — more than 4% of the circulating supply.
On Wednesday alone, ETFs absorbed nearly 107 times the ETH issued by the network, according to Ultra Sound Money.
Interest in ETH is up
Institutional interest is also being reflected in direct ETH holdings by corporate treasuries.
Strategic ETH Reserve data shows that treasuries now hold over $5.33 billion in ETH, equivalent to 1.33% of the total supply.
Over $1.6 billion worth of ETH was added by corporations in June alone.
One of the most aggressive buyers has been SharpLink Gaming, which purchased an additional $68 million worth of ETH in the past 24 hours.
Over the last eight days, the firm has acquired $343 million in ETH, according to blockchain analytics platform Lookonchain.
Separately, World Liberty Financial — a firm linked to US President Donald Trump — added another $5 million in ETH on Wednesday at a price of $3,266, above its historical average purchase range from November 2024 to March 2025.
BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, disclosed that its ETH holdings have now exceeded $500 million.
Altcoin market follows ETH’s lead
The strength in Ethereum has extended to the broader altcoin market, with several tokens recording gains amid renewed risk appetite in crypto.
The current momentum in ETH — driven by a mix of spot ETF demand, treasury accumulation, and supply absorption — has positioned the asset for further upside, provided market conditions remain favorable.
In the past 24 hours, several major altcoins have outperformed Bitcoin, which posted a modest gain of just 0.7%.
XRP was one of the leaders of the rally with a sharp 7.6% rise, followed by Dogecoin, which climbed 6.9%.
Solana advanced 5.2%, BNB gained 3.4%, Tron rose 3.2%, and Cardano added 3.5%.
