ETH Surges Past $2,700

Key Moments:

ETH Hits $2,747 on Major Inflows Into Ethereum Investment Products

A 2.4% rally resulted in Ethereum climbing to the $2,747.2 threshold on Tuesday. Enthusiasm was fueled in large part by continued inflows into both global and US Ethereum-based investment products.

Data from CoinShares revealed that Ethereum products recorded $295.4 million in net inflows last week, marking the seventh consecutive week of positive momentum. Altogether, these inflows have totaled $1.5 billion. James Butterfill, the head of research at CoinShares, remarked that the streak represented the strongest run of inflows seen since the US election last November. He also noted that it indicated a substantial rebound in investor confidence.

In the US market, Ethereum spot exchange-traded funds (ETFs) also saw robust inflows. On Monday, these products attracted $52.7 million, with BlackRock’s iShares Ethereum Trust (ETHA) leading the surge. All in all, the past few weeks witnessed 16 straight days of US ETH-related net inflows totaling $890 million.

Record Highs in ETH Futures Signal Bullish Sentiment

The derivatives market further confirmed bullish sentiment toward Ethereum. Today, open interest in ETH futures reached a historic high of $39.22 billion, reflecting a 12.7% increase over the previous 24 hours. Major platforms, including but not limited to Binance and Bybit, collectively held over 51% of this open interest. Meanwhile, CoinGlass data showed that the Chicago Mercantile Exchange (CME) accounted for 7.4%.

In tandem with the growing open interest, funding rates on ETH perpetual futures rose from 0.0026% to 0.0070% within a 48-hour span. These rates indicate that the majority of traders are holding long positions, signaling strong market conviction that prices will continue to rise.