Ethereum Surges Past Major Cryptos on Strong Demand and Institutional Inflows

Ethereum's price has been outperforming major cryptocurrencies such as Bitcoin, XRP, SOL, and HYPE over the past week. This surge can be attributed to several factors, including cooling inflation reports and declining energy prices.

The launch of the Robinhood Chain on July 1 as an Ethereum Layer 2 (L2) has seen a significant increase in demand for native ETH. According to Token Terminal, the amount of ETH bridged from the L1 to the L2 chain has surpassed $164 million, a 10x increase in the past week.

Additionally, Ethereum is attracting institutional capital again, with $96 million in net inflows over the past three days. US spot ETH ETFs have seen an eight-week outflow streak end after recording $84.4 million in net inflows last week.