Ethereum on the verge of hitting a new high amid institutional buying

Ethereum Physical ETF · Corporate Buying Continues, Rising 155% in a Month
Recording $4,621 in Morning Trading, Highest Price of $4,864 'Just Ahead'

Ethereum (ETH) rose about 8% on the morning of the 13th due to U.S. institutional buying, recording $4,621 and approaching a new high. Ethereum's previous highest price was $4,864, recorded in November 2021.

Ethereum's rise over the past month is approximately 155%. The reasons for Ethereum's increase are attributed to buying from U.S. institutions, including exchange-traded funds (ETF).

According to Bloomberg, funds flowing into physical Ethereum ETFs exceeded $1 billion in just one day on the 11th. This means about 1/8 of the $8.2 billion invested this year came in just one day.

The U.S. listed company Bitmain announced it will sell about $2 billion of its stock to purchase Ethereum. According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on the 12th, Bitmain plans to implement an At-The-Market (ATM) stock issuance program to raise funds for Ethereum acquisition.

Tom Lee, Bitmain's chairman, said in a CNBC interview that "Ethereum could enter a phase similar to the 2017 Bitcoin rally".

Peter Chung, Research Director at quant trading company Presco, analyzed that "As more companies hold large amounts of Ethereum, market interest and demand for Ethereum are being raised". He further commented that "Ethereum is in a favorable position to win over Wall Street's heart".

Reporter Seung-won Kwon ksw@blockstreet.co.kr