Ethereum Surges Above $3800 Amid Strong Institutional Interest

Ethereum (ETH) has surged from under $1500 in April to above $3800. Key factors in this recovery include:

ETFs attracting $2 billion in inflows over two weeks
Institutional involvement driving demand
Tokenization trends contributing to market growth

BlackRock's Joseph Lubin is set to lead SharpLink, a vehicle focused on ETH. Paul Brody from EY stated that Ethereum's network effect positions it for long-term dominance.

In the broader market, while Bitcoin remains steady below $120k, altcoins are performing well. A potential interest rate cut by Jerome Powell could benefit riskier assets like Bitcoin.

Other notable developments:

The trial of Roman Storm related to Tornado Cash intensifies
Elon Musk's X/Grok partners with Kalshi for prediction markets
JP Morgan plans to launch crypto-backed loans amid protests over data access