Stronger ETF inflows, rising corporate treasury accumulation and a growing rotation out of Bitcoin into altcoins are helping fuel a rebound in Ethereum, bringing the second-largest cryptocurrency back into focus.
Ether is leading Monday’s crypto rally, climbing to a six-week high as demand returns after months of sustained weakness. The token moved above $2,300, posting gains of more than 10% over the past 24 hours—well ahead of bitcoin’s roughly 3% rise and the broader market’s advance—pointing to a shift in momentum toward assets beyond BTC.
Even with the recovery, ETH remains down more than 50% from its August peak, after having dropped nearly 65% at the depths of the market downturn. Still, price action has begun to stabilize in recent weeks, with February and March showing early signs of improvement as institutional flows turn supportive.
U.S. spot ether ETFs recorded over $160 million in inflows last week, marking their strongest weekly performance since mid-January, according to SoSoValue. Meanwhile, BlackRock launched its Ethereum staking ETF, ETHB, which has already drawn more than $45 million in its first two trading sessions, in addition to a $104 million seed investment, based on data from Farside Investors.
Corporate buying is also adding to demand. BitMine, the largest publicly traded firm focused on Ethereum treasury strategies, has accumulated nearly 122,000 ETH—valued at over $280 million—over the past two weeks. Shares of BitMine rose 13.6% on Monday, while Sharplink Gaming gained more than 9%.
Analysts say the move may reflect a rotation into ether following bitcoin’s strong run earlier this year. Joel Kruger noted that ETH’s relative strength points to shifting dynamics, potentially driven by network developments and more compelling valuations compared to BTC. He added that ether has broken out of a key range against bitcoin that had been in place since late January, suggesting a possible bottom for the ETH/BTC pair.
Adam Saville Brown said ether’s rebound above $2,200 after weeks of underperformance signals a broadening in market risk appetite, typically viewed as a constructive sign for the wider crypto space.
However, he cautioned that macroeconomic factors remain a key risk. A more cautious tone on inflation from Jerome Powell could weigh on altcoins, which tend to be more sensitive than bitcoin. While downside levels appear to be stabilizing, a sustained breakout may require more supportive macro conditions than simply steady interest rates.
