The surge is closely tied to record-breaking inflows into U.S. Ethereum spot ETFs, which have simplified access to the asset for institutional players.
On Dec. 5, Ethereum spot ETFs reported an unprecedented total net inflow of $428 million.
BlackRock‘s Ethereum ETF (NASDAQ:ETHA) led with $293 million in daily net inflows, followed by Fidelity's Ethereum ETF (CBOE: FETH), which saw $114 million in inflows.
These figures demonstrate the accelerating adoption of Ethereum as an asset class within traditional financial markets.
Ethereum, now trading around $4,007, up 3.5% over the last 24 hours.
Prediction markets reflect mixed but cautiously optimistic sentiment regarding Ethereum's near-term price trajectory.
Also Read: Bitcoin Reserve Would ‘Benefit Special Interest Groups,’ Former Fed Chairman Warns
According to Polymarket data:
Polymarket's trading volumes further validate Ethereum's strong performance.
The market for Ethereum's year-end price movements has amassed over $1.6 million in volume, indicating substantial interest among traders and bettors.
The question of whether Ethereum will reach a new all-time high by the close of 2024 has garnered significant attention, with trading volumes surpassing $8.5 million for this market alone.
Ethereum's ability to surpass $4,000 is reflective of a broader recovery in the cryptocurrency market.
However, it remains approximately 17% below its all-time high of $4,878, last recorded in November 2021.
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