Ethereum edges higher as Wall Street returns on fresh inflows and corporate buying
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Ethereum (ETH) is quietly back in a full-spectrum rally.
Price has climbed roughly 6.2% over the past week to about $3,176, leaving it around 35% below its August all-time high near $4,946.
The move is being driven on several fronts at once.
ETFs turn green as BlackRock leads the bid
Ethereum exchange-traded funds saw about $140.2 million in combined inflows on Dec. 3, with a rebound “across issuers” after several mixed sessions, according to data from Farside Investors.
BlackRock’s ETHA product pulled in roughly $53 million, with around $34.4 million for Fidelity and positive entries for Bitwise and Grayscale trusts.
At the same time, charts shared by Crypto Rover show ETH reclaiming its weekly 50-period moving average near $3,195, while the ETH/BTC pair has broken a three-month downtrend, an early signal of capital rotating back from Bitcoin into Ether.
Treasuries pile in behind Tom Lee
On the corporate side, Ethereum treasury firm BitMine bought another $150 million in ETH on Wednesday, sending its stock up about 15% in December.
BitMine, chaired by Tom Lee and backed by Peter Thiel’s Founders Fund and Cathie Wood’s ARK, now holds more than 3% of total ETH supply and is targeting 5%, calling it an “Ethereum accumulation” strategy ahead of network upgrades.
“We stepped up our weekly purchases of ETH by 39%,” Lee said.
Lee argued “the crypto market has found its bearings again” and expects the Federal Reserve to cut rates on Dec. 10 as it winds down quantitative tightening, a backdrop that typically favours risk assets like ETH.
Fusaka upgrade underpins scaling story
All of this is landing just as Ethereum’s Fusaka hard fork goes live. The upgrade, the network’s second major change this year, aims to further cut transaction costs on layer-2 chains, improve user experience, and harden the protocol against denial-of-service spam.
Its primary feature, Peer Data Availability Sampling (PeerDAS), could ultimately increase Ethereum’s blob capacity by up to eightfold.
“It’s this new technique that people have been working on for a very long time,” Ethereum Foundation researcher Alex Stokes said on a recent livestream. “It lets us scale while not compromising on the values that are so important to Ethereum.”
For now, ETH has moved back above $3,100 remains modest versus its peak, but it is one of the few moments when flows, treasuries, tech, and macro are all pulling in the same direction.
