Ethereum Closes On All-Time High As ETH ETF Inflows And Futures Frenzy Drive Rally
Ethereum surged 8% to close in on its all-time high as US spot ETF inflows and record futures activity fueled a broad crypto market rally. The surge comes amid lower-than-expected US inflation data yesterday, which boosted risk-on sentiment and raised expectations for future interest rate cuts. Treasury Secretary Scott Bessent called for a 50 basis point rate cut next month and President Donald Trump ramped up pressure on Federal Reserve Chair Jerome Powell, saying he may sue him over construction work on the Fed building. Ethereum is trading at $4,695 as of 5:03 a.m. EST, its highest level since November 2021, after surging more than 29% over the past week. It’s now within 4% of its ATH of $4,891.70 that it set on Nov. 16, 2021. ETH price chart (Source: CoinMarketCap) Ethereum ETFs Extend Inflows Streak After Record $1 Billion Day Fueling the ETH rally is the strong inflows into spot US Ethereum ETFs over the last week. US spot Ethereum ETFs notched record inflows ye...