ETH climbs past $2,300 to a six-week high, powered by record ETF demand and BitMine's $280M accumulation spree.
Ethereum posted its strongest single-day gain in months, surging over 10% to reclaim $2,300 and outpacing both Bitcoin and the broader market.
Ether rose above $2,300 on March 16, gaining more than 10% in 24 hours. The move easily outpaced Bitcoin's 3% advance and the CoinDesk 20 Index's roughly 5% gain over the same period.
U.S. spot ether ETFs attracted over $160 million in net inflows last week, marking their strongest week since mid-January. BlackRock's newly launched yield-paying Ethereum staking ETF (ETHB) pulled in more than $45 million in its first two trading days alone.
BitMine (BMNR), the largest corporate holder focused on Ethereum treasury strategies, purchased nearly 122,000 ETH worth approximately $280 million over the past two weeks.
The rally signals a potential shift in market dynamics. ETH had underperformed BTC for months, but the combination of fresh institutional demand and corporate accumulation is changing the picture.
BlackRock's staking ETF is particularly significant. It offers exposure to Ethereum staking yields, a product category that did not exist until recently. Early inflows suggest strong appetite for yield-bearing crypto products among traditional investors.
Traders are watching for sustained ETF inflow momentum this week and whether ETH can hold above $2,300. A confirmed breakout above this level could trigger an altcoin rotation, where capital flows from Bitcoin into Ethereum and smaller-cap tokens. BitMine's continued buying pace will also be a key signal of institutional conviction.
This is a developing story. ETH prices and inflow figures may change as new data becomes available throughout the trading week.
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Disclaimer: News content is for informational purposes only and should not be considered financial advice. Market conditions can change rapidly. Always conduct your own research.
