Ethereum Surges as ETF Inflows and Robinhood Chain Boost Price

Ethereum has outperformed other major cryptocurrencies this week, rising by about 11% over seven days. The price of ether traded near $1,920 on Thursday, carrying a market value of around $231 billion and daily volume of roughly $12 billion.

The main factor driving the price increase is the influx of money into U.S. spot ether ETFs, which took in $96 million over the first three days of this week. This is already more than they gathered across all of last week, when they shed $82 million on June 25 alone.

BlackRock's low-fee products have absorbed most of the inflows, with its ETHA fund taking $45.3 million and ETHB fund taking $4 million. This contrasts with Grayscale's higher-fee ether trust, which has now bled $5.3 billion since launch.

Another factor contributing to the price increase is the demand from Robinhood Chain, a layer-2 network that uses ether for gas and settles on Ethereum. It has been processing more than $800 million in daily decentralized exchange volume, mostly memecoin trading.