Ethereum price news: ETH surges 10% outpacing bitcoin gains as ETF demand, Bitmine buying accelerate

Ethereum (ETH) surges over 10%, hitting a six-week high, driven by ETF demand and increased Bitmine purchases, outpacing Bitcoin's gains.

Ethereum is stealing the spotlight today, surging over 10% and hitting a six-week high. With its recent performance outpacing Bitcoin and the broader crypto market, you might be wondering what's driving this momentum. What’s Behind Ethereum's 10% Surge? Ethereum’s native token, Ether (ETH), soared to more than $2,300 on Monday, marking a significant rebound after a tough period in the markets. This impressive gain easily eclipsed Bitcoin's 3% increase and the CoinDesk 20 Index's approximate 5% rise, indicating a potential shift in investor interest toward altcoins. The trigger for this rally can be attributed to fresh demand fueled by a couple of key factors: strong inflows into U.S. spot Ether ETFs and increasing purchases by institutional investors. Many analysts suggest that this could mark the beginning of a broader rotation into altcoins after Bitcoin had dominated the market early in the year. Could ETF Demand Be Driving Ether Prices? Recent data reveals that U.S. spot Ether ETFs garnered more than $160 million in inflows last week, marking the highest weekly influx since mid-January. This renewed momentum has generated optimistic sentiment among investors, especially as BlackRock rolled out a yield-paying Ethereum staking ETF (ETHB), which attracted over $45 million within just two trading days. This ETF had a significant seed investment of $104 million , showing an increased institutional appetite in the Ethereum market. What Role is Bitmine Playing in Ethereum’s Performance? In addition to ETF demand, institutional treasury buying from companies like BitMine (BMNR) is further bolstering ETH's price strength. Over the past two weeks, BitMine has acquired nearly 122,000 ETH , valued at more than $280 million . This large purchase is a clear signal of confidence in Ethereum's long-term potential, contributing to a price rise in BMNR stocks as well. Is There a Broader Rotation Happening? Market analysts are suggesting that Ethereum's breakout against Bitcoin co