Ethereum ETH/USD Price surged to roughly $3,125, about 2.3% higher than the previous day, extending last week’s rally sparked by the Pectra upgrade. The rise comes after on-chain data underscores the buying pressure, and traders noted ETH was broadly outperforming many altcoins as capital rotated into Ethereum.
Trading volume spiked by nearly 19% to about $12.4 billion, indicating heightened market activity. According to Santiment, only 4.9% of ETH’s total supply now sits on exchanges—the lowest level in a decade—implying strong accumulation. Wallets holding 10,000+ ETH have added roughly 450,000 ETH since late April, a bullish sign for holders.
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ETH funds drew $205 million last week (the biggest crypto inflow) as the Pectra upgrade and leadership changes boosted confidence. SoSoValue shows U.S. spot Ether ETFs saw about $30 million net inflow in the past month, and BlackRock Inc’s BLK ETH fund now manages around $2.9 billion.
Pectra upgrade raised the validator staking cap and added account-abstraction features, helping boost Layer-2 activity on the network. Traders point to another near-term catalyst: an SEC decision, expected by June 1, on whether spot ETH ETFs can stake their holdings, which could draw fresh institutional capital.
Analyst Adriano Feria noted that “ETH remains the most natural choice for institutional diversification.”
Hedge funds have been increasing short bets on Ethereum recently, FXStreet reported. Traders are bracing for a pullback or playing a delta-neutral strategy, even as big buyers keep accumulating ETH.
On-chain observers highlight that strong hands have been accumulating all month. According to CryptoRank, more than 1 million ETH left exchanges in the past 30 days. The firm notes that “users are increasingly choosing to accumulate Ethereum rather than trade it.”
Broader market sentiment supports the crypto upswing with U.S. tech stocks gaining as the NASDAQ (NDAQ) was up about 1.3%. Easing trade tensions and strong corporate earnings boost risk appetite, which spills over into crypto; Ethereum’s rally coincides with this optimistic market mood.
Traders caution that big gains can attract profit-taking but Ethereum’s diverse use case keeps demand healthy. Given its deep liquidity, staking yield potential, and near-unprecedented ETF accessibility, many see ETH as “blue-chip” crypto for institutional portfolios.
The combination of factors suggests Ethereum’s base remains firm. Traders say the near-term momentum will hinge on broader crypto sentiment, but Ether’s status as the leading smart contract platform keeps it a focal point as markets advance.
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