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$2,300, marking its highest price in six weeks. This move exceeded Bitcoin's gains of 3%.
This rally represents a turning point after a prolonged period of losses for Ethereum. At its worst during the winter market downturn, Ethereum's value declined approximately 65% from its all-time high in August. Prices began stabilizing in February and March as institutional investment inflows began supporting the asset.
US Ethereum spot exchange-traded funds attracted over $160 million last week, recording their strongest weekly inflow since mid-January, according to data from SoSoValue. In the same period, BlackRock launched an Ethereum spot exchange-traded (ETF) under the ticker ETHB. This product attracted over $45 million in its first two days of trading, plus an initial investment of $104 million, according to data from Farside Investors.
BitMine Immersion, the largest Ethereum holder employing an asset management strategy, purchased approximately 60,999 Ethereum last week. This brings its total holdings to approximately 4.596 million tokens, representing 3.81% of the total circulating supply of Ethereum. The value of this holding exceeds $10.4 billion USD at current prices, while BitMine's total digital assets, cash, and venture capital investments total approximately $11.5 billion USD.