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On Sunday, Ethereum (ETH) rose to an all-time high of $4,935.52, up over 35% in a month.
This ongoing bullish momentum is drawing strength from institutional inflows, new milestones, and the broader renewed investor optimism.
SoSoValue data supports the argument of institutional boom into the asset. Ethereum spot ETFs maintained their strong momentum with a daily net inflow of $337.6 million on August 22nd, and since launch, over $12.4 billion in total inflows.
The aggregate net assets of all Ethereum spot ETFs now amount to $30.5 billion, or 5.2% of Ethereum's market cap, with BlackRock's ETHA & Fidelity's FETH leading inflows. This highlights to the market the magnitude of institutional participation.
This bullish momentum came on the heels of Ethereum becoming the fastest major asset to reach a $500 billion market cap in history, in just 5.8 years, while Bitcoin took 12 years, and Apple required 35 years, according to the Milk Road Research Hub.
According to Milk Road, this serves as confirmation that crypto is the fastest-growing asset class in history.
Ethereum's spike triggered market liquidations, with almost $18 million in ETH positions wiped out in one hour, the highest among major tokens, as per Coinglass.
Notably, earlier this year, Crypto analyst Benjamin Cowen wrote that Ethereum was "returning home" to its long-term growth curve. His comments have gained fresh traction as the asset's breakout supports historical trend models.
This rally is partially a win for Bitmine Immersion, which now holds $6.61 billion in Ethereum, as per a filing dated August 18.
Bitmine Immersion (BMNR), the largest corporate holder of Ethereum, saw its stock price increase by over 12% in tandem with ETH's rise.
