ETH surges 10% outpacing bitcoin gains as ETF demand, Bitmine buying accelerate

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2026-03-16 19:23:00
Ethereum’s ether (ETH) is stealing the spotlight in Monday’s crypto rally, climbing to a six-week high as investor demand show signs of return to the second-largest digital asset after months of bruising declines.
Ethereum’s native token, ETH, rose to above $2,300, gaining more than 10% over the past 24 hours. That easily outpaced bitcoin’s 3% advance and the CoinDesk 20 Index’s roughly 5% gain, signaling a shift in momentum toward assets beyond bitcoin.
The move comes after a torrid stretch for the broader crypto market, including ether. With the rebound, ETH is still down more than 50% from its August record high and, at one point, had fallen roughly 65% from its peak during the market’s winter slide.
Prices have stabilized in February and March, and institutional flows are beginning to turn supportive.
U.S. spot ether ETFs pulled in more than $160 million in fresh funds last week, marking their strongest weekly inflows since mid-January, according to data from SoSoValue. Global asset manager BlackRock also rolled out a yield-paying Ethereum staking ETF (ETHB), which has already drawn more than $45 million in inflows in its first two trading days, on top of a $104 million seed investment, data from Farside Investors shows.
Meanwhile, BitMine (BMNR), the largest corporate holder focused on Ethereum treasury strategies, has purchased nearly 122,000 ETH — worth roughly more than $280 million at current prices — in the past two weeks, adding another source of demand.
BMNR shares are higher by 13.6% on Monday. Another major ETH treasury company, Sharplink Gaming (SBET) is seeing a 9.1% advance.
Rotation from bitcoin
Analysts say the price action could reflect investors rotating into ether after bitcoin dominated inflows earlier this year.
“ETH’s relative strength suggests potential rotation dynamics, possibly tied to network developments and valuation appeal beyond bitcoin,” said Joel Kruger, market strategist at LMAX Group.
He added that ether has broken above an important range against bitcoin where it traded since the end of January. “potentially marking a significant bottom for ETHBTC.”
Adam Saville Brown, head of commercial at Tesseract Group, sees the move as a sign that risk appetite is broadening across the crypto market.
“Ethereum’s outperformance is worth watching,” said Adam Saville Brown, head of commercial at Tesseract Group. “ETH has broken back above $2,200 after weeks of underperformance. That kind of rotation into the second-largest asset suggests risk appetite is broadening, which tends to be a healthy sign.”
Still, he cautioned that the rally could remain sensitive to macro signals.
“If Powell strikes a cautious tone on inflation, altcoin gains will give back faster than bitcoin,” Saville Brown said. “The honest assessment is that the floor looks solid. The ceiling requires more than a rate hold to break through.”
Read more: Ethereum Foundation’s new mandate sparks debate about its role, priorities



