Ethereum gains 10%, leading a crypto market bounce on the back of stronger ETF demand and increased Bitmine accumulation

Fresh ETF inflows, rising corporate treasury accumulation and a rotation away from Bitcoin into altcoins are helping power a rebound in Ethereum, lifting the second-largest cryptocurrency back into focus.

Ether is leading Monday’s crypto rally, climbing to a six-week high as investor demand shows signs of returning after months of steep declines. The token surged above $2,300, gaining more than 10% over the past 24 hours and comfortably outpacing bitcoin’s roughly 3% rise as well as the broader market’s advance, signaling a shift in momentum beyond BTC.

The recovery follows a difficult stretch for the crypto market, with ETH still trading more than 50% below its August peak after at one stage dropping nearly 65% during the downturn. However, prices have begun to stabilize through February and March, with institutional flows turning increasingly supportive.

Spot ether ETFs listed in the U.S. attracted more than $160 million in inflows last week, marking their strongest showing since mid-January, according to data from SoSoValue. Meanwhile, BlackRock launched a yield-bearing Ethereum staking ETF, ETHB, which has already pulled in over $45 million within its first two trading sessions, in addition to a $104 million seed investment, based on figures from Farside Investors.

Corporate demand is also adding to the momentum. BitMine, the largest publicly traded firm focused on Ethereum treasury strategies, has accumulated nearly 122,000 ETH — valued at more than $280 million — over the past two weeks. Shares of BitMine rose 13.6% on Monday, while Sharplink Gaming, another ETH-focused treasury company, gained over 9%.

Market participants say the latest move may reflect a rotation out of bitcoin following its strong run earlier this year. According to Joel Kruger, ether’s relative strength points to shifting dynamics, potentially driven by network developments and more attractive valuations compared to bitcoin. He noted that ETH has broken out of a key trading range against BTC that had held since late January, suggesting a possible bottom for the ETH/BTC pair.

Adam Saville Brown echoed that view, highlighting that ether’s move back above $2,200 after weeks of underperformance could signal a broader increase in risk appetite across the crypto market—typically seen as a constructive development.

Still, he warned that the rally remains vulnerable to macroeconomic cues. A more cautious stance on inflation from Jerome Powell could weigh on altcoins, which tend to react more sharply than bitcoin. While downside levels appear to be stabilizing, a sustained breakout higher may require more than just a pause in interest rates, he added.