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Update (July 17 at 6:10 am UTC): This article has been updated to include data about altcoin prices and corporate Ether buying.
US spot Ether exchange-traded funds recorded an inflow of $726.6 million on Wednesday as altcoins rallied.
BlackRock’s ETHA also saw a daily inflow record, contributing $499 million to the day’s results, while Fidelity’s FETH fund saw the second highest net inflow of $113 million, according to Farside Investors.
US spot Ether (ETH) ETFs now collectively hold more than 5 million ETH, accounting for more than 4% of the circulating supply, according to Trader T.
Wednesday’s inflow beats the prior daily net inflow record of $428 million on Dec. 5, 2024, by almost 70%, according to Farside Investors.
In the past 24 hours, $6.74 million worth of ETH was issued by the network, while US spot Ether ETFs bought nearly 107 times the issuance on Wednesday, according to Ultra Sound Money.
Altcoins rally over 24 hours
ETH is trading at almost $3,346, up 7.2% in the past 24 hours, and has witnessed a 30% rally in the past 14 days, according to CoinGecko.
Crypto analyst Matthew Hyland has stated that Bitcoin dominance has likely peaked if ETH continues its rally.
On Saturday, Hyland said that altcoins will likely go up even higher if the Bitcoin dominance falls to 45%. Currently, Bitcoin’s market dominance stands at 61%.
In the past 24 hours, XRP (XRP), BNB (BNB), Solana (SOL), Dogecoin (DOGE), Tron (TRX), and Cardano (ADA) have gone up by 7.6%, 3.4%, 5.2%, 6.9%, 3.2%, and 3.5%, respectively, whereas BTC has climbed just 0.7%.
Corporations pile into ETH
Corporate treasuries holding ETH now exceed $5.33 billion, accounting for nearly 1.33% of ETH’s circulating supply, according to Strategic ETH Reserve.
Last month, corporations added over $1.6 billion in Ether alone, Cointelegraph reported.
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One of the biggest buyers has been SharpLink Gaming, which bought another $68 million in ETH over the past 24 hours. The firm has acquired $343 million worth of ETH in the past eight days, according to Lookonchain.
Meanwhile, World Liberty Financial — backed by US President Donald Trump — purchased an additional $5 million worth of ETH at $3,266, above its average acquisition price between November 2024 and March 2025.
BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, announced that it now holds more than half a billion dollars worth of ETH in its treasury.
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