Alongside Ethereum, the broader cryptocurrency market is also in the green: Bitcoin is up 1.40% to $106,160, while the remaining altcoin market capitalization has increased by 0.55% to $830 billion. Bitcoin's dominance now stands at nearly 65%, approaching the highs from early May this year, when dominance peaked at 65.35%. Bitcoin hasn't held similar dominance levels since January 20, 2021.
However, in recent weeks, capital has been gradually shifting toward Ethereum. Institutional investors are beginning to accumulate the second-largest cryptocurrency in anticipation of upcoming crypto market adoption in the U.S. Later this year, new regulations are expected for both the stablecoin sector and the broader DeFi space—both of which primarily rely on Ethereum as their settlement layer.
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Create account Try a demo Download mobile app Download mobile appEthereum-focused funds have begun aggressively accumulating ETH over the past five weeks, with particularly notable inflows into BlackRock’s Ethereum ETF.
Cumulative inflows into ETFs over the last 20 days are also showing a strong upward trend. This trend has persisted since late March, when sentiment around Ethereum was extremely negative. Currently, cumulative 20-day inflows exceed $1.2 billion.
Ethereum remains in a narrow consolidation range. Considering the prevailing uncertainty in global financial markets, this consolidation and defense of the $2,500 support level is a positive sign for bulls. The key will be a sustained breakout above the $2,750 resistance zone.
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