Rising ETF inflows, growing corporate treasury demand and a rotation away from Bitcoin into alternative tokens are helping drive a recovery in Ethereum, pushing the second-largest cryptocurrency back into focus.
Ether is leading Monday’s crypto rally, climbing to a six-week high as investor appetite returns following months of persistent weakness. The token moved above $2,300, gaining more than 10% in the past 24 hours and comfortably outperforming bitcoin’s roughly 3% rise, along with broader market gains—signaling a shift in momentum beyond BTC.
Even after the rebound, ETH remains down more than 50% from its August peak, having dropped nearly 65% at the height of the downturn. However, price action has begun to stabilize in recent weeks, with February and March showing early signs of recovery as institutional flows start to improve.
U.S. spot ether ETFs attracted over $160 million in inflows last week, their strongest weekly total since mid-January, according to SoSoValue. Meanwhile, BlackRock launched its Ethereum staking ETF, ETHB, which has already pulled in more than $45 million within its first two trading sessions, alongside a $104 million seed investment, based on data from Farside Investors.
Corporate buying is adding further support. BitMine, a leading Ethereum treasury-focused firm, has accumulated nearly 122,000 ETH—worth over $280 million—over the past two weeks. Its shares climbed 13.6% on Monday, while Sharplink Gaming rose more than 9%.
Analysts say the move may reflect a rotation into ether after bitcoin dominated flows earlier this year. Joel Kruger noted that ETH’s relative strength suggests shifting market dynamics, potentially driven by network developments and more attractive valuations compared to BTC. He added that ether has broken out of a key trading range against bitcoin that had held since late January, pointing to a potential bottom in the ETH/BTC pair.
Adam Saville Brown said ether’s move back above $2,200 after weeks of underperformance signals that risk appetite is broadening across the crypto market—a typically constructive sign.
Still, he cautioned that macro conditions remain a key risk. A more cautious tone on inflation from Jerome Powell could weigh on altcoins, which tend to react more sharply than bitcoin. While downside levels appear to be stabilizing, a sustained breakout higher may require stronger macro support beyond steady interest rates.
