Ethereum hits a six-month high, passing $3,400
The price action comes as the token’s US spot ETFs recorded their highest daily inflows since they started trading and ethereum treasury firm BitMine reached $1 billion in holdings.
After underperforming the majority of 2025, ethereum is bouncing back.
The second-largest cryptocurrency by market capitalization has increased 7% in the last 24 hours to rise over $3,400, a price point not seen since January 17.
Ethereum’s price action comes as the token’s US spot ETFs recorded their highest daily inflows since they started trading about one year ago, receiving $726.7 million yesterday — that’s 11% of cumulative inflows to date, which total nearly $6.5 billion, data from investment research platform SoSoValue shows.
Ethereum trading activity has also picked up in the last 24 hours, with traders generating $66.1 billion in trading volume during the period, substantially higher than Monday, when the figure was at $24.6 billion, according to CoinGecko.
The token’s return to the $3,400 level comes as ethereum treasury firm SharpLink Gaming, led by ethereum cofounder Joseph Lubin, acquired $36.5 million worth of ethereum from Coinbase Prime and about $32 million from Galaxy Digital, on-chain data from blockchain analytics firm Arkham Intelligence shows.
Meanwhile, Peter Thiel and his Founders Fund scooped up a 9.1% stake in ethereum treasury firm BitMine Immersion Technologies on Wednesday. Today, BitMine announced that its ethereum holdings stand at 300,657 tokens, or over $1 billion.
“We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply,” Tom Lee, chairman of BitMine’s board of directors, said in a statement.
BitMine is currently the largest entity by ethereum holdings among the several firms to adopt a crypto strategy focused on the token, surpassing SharpLink Gaming and Bit Digital, per StrategicETHReserve.xyz.
