Ethereum (ETH) has crossed the $3,000 mark for the first time in five months, buoyed by strong market activity and significant institutional investments. This resurgence comes as BlackRock’s ETHA ETF experiences unprecedented inflows, leading an overall day of record contributions to Ethereum-based ETFs in the United States.
Ethereum Surpasses $3,000
As the world’s second-largest cryptocurrency, Ethereum (ETH) has recently reclaimed the $3,000 threshold, trading at $3,055 after an impressive hourly gain nearing 8%. This marks the first time it has reached this level since February 2, following a period of steep declines that saw ETH drop to $1,387 in April.
The downturn was largely attributed to market uncertainties surrounding tariffs introduced by former President Donald Trump on “Liberation Day.” Despite the recent positive momentum, Ethereum’s price still lags approximately 38% behind its all-time high of $4,878, recorded in November 2021. In contrast, Bitcoin (BTC) has achieved new highs recently, propelling the overall cryptocurrency sector upward.
Record Inflows into Ethereum ETFs
A key factor in the recent surge of ETH’s price is renewed institutional interest, particularly through spot Ethereum exchange-traded funds (ETFs). BlackRock’s iShares Ethereum ETF (ETHA) boasted a record daily net inflow of $300.9 million, coinciding with Ethereum’s approach to the $3,000 mark.
This represented a significant milestone since the ETF’s launch, raising its total inflow over five days to $623.4 million. Previously, the highest daily inflow was $292.7 million recorded on December 5, 2024.
Overall, spot Ethereum ETFs in the U.S. amassed $383.1 million in net inflows on the same day. Fidelity’s FETH contributed an additional $37.3 million, while Grayscale’s ETH and ETHE added $20.7 million and $18.9 million, respectively. Notably, Bitwise’s ETHW and VanEck’s ETHV saw inflows of $3.2 million and $2.1 million.
Nate Geraci from NovaDius Wealth Management remarked on the unprecedented daily inflow for the iShares Ethereum ETF, while Eric Balchunas from Bloomberg pointed out that ETHA experienced record trading volumes exceeding $800 million on Wednesday and Thursday, confirming substantial influx data.
SharpLink Enhances Its Holdings
SharpLink Gaming (SBET), a Nasdaq-listed company, has made headlines by acquiring 10,000 ETH directly from the Ethereum Foundation for $25.7 million, at a price of $2,572.37 per unit on July 10. This acquisition boosts SharpLink’s total ETH holdings to approximately 215,634 tokens, valued at around $558 million at current market prices.
This transaction positions SharpLink as the second-largest holder of ether, underscoring the firm’s commitment to the Ethereum ecosystem. Joseph Lubin, Ethereum’s co-founder and president, noted that SharpLink is actively acquiring and staking ETH to support the industry while promoting the decentralization of the network.
The firm began reallocating its balance sheet towards ether in early June, financing this initiative through market sales of equity that raised up to $425 million in a private placement led by Consensys, Lubin’s crypto infrastructure company.
While the Ethereum Foundation has sold ETH from its treasury before, direct transactions with publicly traded companies have been uncommon, marking this agreement as a noteworthy development in the institutional adoption of cryptocurrencies.
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