This inflow is almost equal to the total market capitalization at the bottom of the bear market in November 2022. Since then, Ethereum emerged as the best performer, traded approximately at $4,800 — representing its most elevated price level since December 2021 — following a surge of 46% over the last month. Institutional demand is powering the boom.
Capital inflows into ETPs, and ETFs plus aggressive corporate treasury purchases have been particularly good for Ethereum. In just four months, companies have bought more than 3 million ETH worth approximately $13 billion. At its peak this year, Ethereum’s $522 billion market cap managed to briefly overtake established giants like Mastercard and Netflix.
Macro tailwinds are adding fuel to the rally. Expectations of interest rate cuts in the United States, regulatory progress in key regions, and advances in technology — such as the rapid tokenization of real-world assets — are all contributing to bullish sentiment.
Despite the surge, the entire crypto market is still valued lower than Nvidia, which boasts a market capitalization of $4.45 trillion.