Ethereum Surges Past $2,300 Amid Growing Institutional Demand

The cryptocurrency market has experienced a turnaround from Monday's sell-off, with most major coins now trading in the green. This recovery is attributed to institutional and retail demand, which continues to drive up the prices of cryptocurrencies.

Ethereum, the second-largest cryptocurrency by market capitalization, is trading above $2,300 after dropping below $2,250 on Monday. This upward movement is supported by strong institutional and retail interest in ETH.

According to data obtained from CoinGlass's ETF page, spot Ethereum ETFs recorded an inflow of $69.77 million on Monday, following a significant influx last week. Additionally, Ethereum treasury firm BitMine Immersion Technologies announced that it acquired 101,627 ETH last week, marking its largest weekly purchase since mid-December.

BitMine's Chairman Thomas Lee stated that the crypto winter may be coming to an end, citing growing signs of improvement in the market. He attributed this to diminishing downside risks for the US-Iran war and ETH's significant price appreciation since the conflict began.