What to know:
- Ethereum's ether continues to outperform, surging 10% Wednesday, now in the green for 2025 and above $3,400 for the first time since January.
- Bitcoin bounced from its sharp Monday decline as investors "stepped in aggressively" to buy the dip to $116,000, Glassnode said.
- Strong spot ETF inflows and growing bids from treasury firms are providing tailwinds for ETH.
- Ethereum's ether (ETH) raced ahead on Wednesday, leading the crypto market higher after a modest dip earlier this week.
ETH broke above the $3,400 level for the first time since January, gaining 10% over the past 24 hours, CoinDesk data shows. It's now ahead a full 22% over the past seven days and now higher by 2% year-to-date.
Bitcoinalso bounced back above $120,000 during the U.S. session, climbing 2.5%. The CoinDesk 20 index, a broad-based benchmark focusing on majors, was up 4.5%.
BTC investors bought this week's dip to $116,000 from record highs hand over fist, analytics firm Glassnode noted. According to the firm's data, market participants "stepped in aggressively," scooping up around 196,600 BTC ($23 billion) between the $116,000 and $118,000 levels.
Meanwhile, strong flows to spot exchange-traded funds and continuous bid from crypto treasury firms are providing a tailwind for ETH.
U.S.-listed spot ETH ETFs booked record inflows over $900 million last week, accounting for 29% of all inflows this year, Anagram partner David Shuttleworth noted. At $450 million with only two days into the week, inflows could surpass $1 billion this week, he added.
Sharplink Gaming (SBET) revealed this week it acquired more than 74,000 ETH with $257 million capital remaining for further purchases, while Bitmine Immersion (BMNR) bought over $500 million of the asset.