ETH tops $4.6K for first time since 2021, eyes ATH

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Key Takeaways

Ethereum hit $4,600 for the first time since November 2021, approaching its $4,800 all-time high.
Treasury and ETF inflows totaling billions are fueling the rally alongside a $120M short squeeze.

Ether, the second-largest crypto asset by market cap, is now less than 5% away from its all-time high of $4,800 set in November 2021. It traded above $4,600 on Tuesday afternoon, its highest level in nearly four years, as traders anticipate a potential breakout and the start of an alt season. Bitcoin dominance has fallen below 60% as ETH gains ground.

The rally triggered more than $120 million in short liquidations in the past hour, according to CoinGlass data. Market momentum has been fueled by a growing wave of Ethereum treasury companies that collectively hold more than $9 billion worth of ETH.

BitMine, the largest of these holders with 1.15 million ETH valued at roughly $5 billion, disclosed plans earlier today to expand its at-the-market equity program to $24.5 billion to fund additional purchases.

ETF demand is also adding fuel to the surge. Spot Ethereum funds have increased their combined market cap by about $5 billion over the past month, bringing total net inflows since their July 2024 launch to $9.4 billion. On Monday, the products posted their first day with more than $1 billion in net inflows, according to Farside Investors data.