Ethereum Rockets Past $3,650: Traders on X Go Wild!

Ethereum's price just blasted through the $3,650 barrier, sending traders on X into a frenzy! The surge is being driven by a massive wave of institutional demand, with ETH now being dubbed the 'digital oil' of the crypto world.

At around 6:30 AM UTC on July 18, the second-largest cryptocurrency by market cap was soaring above $3,650, hitting a peak of $3,669 and flirting with the $3,800 mark. As we speak, ETH is trading at a solid $3,651.

In the last 24 hours alone, the token has skyrocketed by 7.79%, and that's nothing compared to the past month's gains. With ETH's 10-year anniversary on the horizon, the token has surged 22.24% in the last week and a whopping 43.9% over the past month.

This is the first time since early January that ETH has reached these heights, just after dipping from a $4,000 high. Traders on X are going nuts over Ethereum's latest market conquest.

"Woke up to $ETH at $3,600. What a time to be alive," one ecstatic trader posted on X.

"So where are $SOL chads who were saying Ethereum is dead? $ETH is moving towards $3,600 and this #bullrun it will break $10K for sure," another bullish trader chimed in on X.

"ETH Back above $3,600. The Comeback is Real," another trader declared in a post.

The price surge is being fueled by a combination of on-chain retail demand and a flood of institutional money. According to data from OKX, the crypto exchange has seen a massive influx of Ethereum.

In the past hour, Ethereum inflows on OKX hit $3.8 million, with outflows at $1.76 million, resulting in a net inflow of over $2.04 million.

Over 90% of these funds came from on-chain addresses, showing that users are actively moving ETH to the platform, likely due to the strengthening market sentiment.

Additionally, data from SoSo Value reveals that the cumulative net inflow for U.S.-listed ETH spot ETFs reached a staggering $7.09 billion as of July 17. Daily net inflows hit $602 million, just a day after setting a record-high of $717 million.

BlackRock's ETHA is leading the charge with $546.7 million in inflows, while Fidelity and Grayscale are also making significant contributions, with $17.19 million and $29.9 million respectively.

Is Ethereum the new 'digital oil'?

Bitcoin isn't the only crypto asset seeing major institutional action these days. As more companies hop on the crypto treasury train, Ethereum is becoming a hot commodity for investors looking for an alternative to BTC and stablecoins to hedge against the ever-changing economic landscape.

Crypto bigwigs like former Wall Street banker and Etherealize CEO Vivek Raman are now calling Ethereum "digital oil," drawing parallels to Bitcoin's "digital gold" status.

This comparison comes from the fact that, just like oil powers machinery and transport, ETH needs "gas" to fuel every transaction. Plus, with ETH's annual issuance capped at about 1.5% per year, it's similar to oil production which adjusts to market demand.

Earlier today, the Tom Lee-led crypto mining and ETH treasury firm Bitmine Immersion announced that its Ethereum holdings had soared past $1 billion, more than tripling the $250 million it raised in a private placement just a week earlier.

BitMine currently holds a whopping 300,657 ETH worth $1 billion, blowing the Ethereum Foundation's $665 million holdings out of the water by nearly $400 million.