Ethereum price hits its six-month high on record ETF inflows

Ethereum's price surged, reaching a six-month high of $3,463, primarily due to record inflows into U.S. listed spot Ethereum ETFs. These ETFs experienced a combined daily net inflow of $726.74 million on Wednesday, surpassing the previous record and bringing total net inflows for the month to $2.27 billion. BlackRock's iShares Ethereum Trust (ETHA) led the way with $499 million in inflows, followed by Fidelity's FETH with $113 million. This buying spree has resulted in US spot Ether ETFs collectively holding over 5 million ETH, which is more than 4% of the circulating supply. Additionally, corporate treasuries are increasing their ETH holdings, with over $5.33 billion in ETH currently held, representing 1.33% of the total supply. SharpLink Gaming, for example, purchased an additional $68 million worth of ETH in the past 24 hours. The strength in Ethereum has positively impacted the broader altcoin market, with altcoins like XRP, Dogecoin, and Solana also experiencing gains.