Ethereum's price has surged today, driven by a combination of increased capital inflows and a notable rise in its open interest and futures premium. The cryptocurrency has seen a 9% rally, fueled by a significant 15% growth in the ETH/BTC ratio, indicating a shift in investor sentiment towards Ethereum. This movement is supported by a strong bullish sentiment in the derivatives market, with Ethereum's open interest reaching an all-time high. The positive momentum is further bolstered by net inflows into Ethereum ETFs, which recorded $40.6 million on Tuesday, marking the third consecutive day of positive flows. This trend suggests a growing investor interest in Ethereum, potentially in anticipation of an altcoin season.
The recent developments in the Ethereum network, such as the introduction of staking on Starknet and the ongoing upgrades to layer-2 solutions, have also contributed to the positive sentiment. These advancements are expected to enhance Ethereum's scalability and reduce transaction costs, making it more attractive to users and developers. Additionally, Ethereum's co-founder, Vitalik Buterin, made headlines with a $1 million donation to Coin Center, following a court ruling that overturned U.S. sanctions against Tornado Cash. This move underscores the ongoing legal and regulatory challenges in the crypto space, but also highlights the resilience and adaptability of the Ethereum community.
Ethereum's price has climbed to $3,622.43, marking an 8.94% increase today, with a high of $3,622.62 and a low of $3,307.70.