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Ethereum surpassed $2,700 due to strong institutional demand
Yesterday, Ethereum surged past the $2,700 mark and is currently trading at around $2,790. According to CoinLineup, the rally comes as major companies ramp up their investments in the altcoin.
Institutional investors like BlackRock and Grayscale have poured over $500 million into ETH through exchange-traded funds (ETFs). CoinLineup reports that BlackRock alone has acquired more than 124,000 coins.
As noted by the website, total investments in Ethereum ETFs in the US have reached $4.5 billion, tightening market supply. The situation is further compounded by staking withdrawals and ongoing token burns. With ETF inflows still rising, these factors are fueling strong upward momentum for the cryptocurrency’s price.
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