Ethereum Price Surges 6.5% Reclaiming $3,300 Amid Institutional Interest

The Ethereum price surged by 6.5%, reaching $3,300 for the first time in nearly a month, outperforming other top cryptocurrencies with a 12% recovery over the past week.

Factors Driving ETH Demand

Significant institutional interest, notably from BitMine, which holds a large collection of ETH.
Major financial institutions like BlackRock, JPMorgan, Deutsche Bank, and Standard Chartered are investing in Ethereum-based tokenization and DeFi infrastructure.
Companies such as Amundi, HSBC, BNY Mellon, Coinbase, Kraken, and Robinhood are integrating Ethereum into their operations for custody and settlement purposes.
BitMine projects earnings over $400 million annually from staking.

Potential for Ethereum Price Increase

Speculation suggests Ethereum could reach $12,000 by 2026 due to increased staking demand and tokenization scaling.
Tom Lee’s firm acquired 138,452 ETH valued at $431.97 million recently.
BitMine holds $12.05 billion in ETH, with an additional $1 billion allocated for future purchases.

The Office of the Comptroller of the Currency (OCC) has allowed US banks to conduct "riskless principal" transactions in crypto assets, potentially increasing capital inflows into digital assets.

Ethereum price

As of now, Ethereum is trading at $3,325, still 33% below its all-time high of $4,946 reached earlier this year.