Ethereum, the second-largest crypto asset, has been in a strong uptrend over the past week, rallying alongside the broader market. While positive investor sentiment and a favorable U.S. regulatory outlook have tied much of the uptick, new data points to another key driver.
A July 16 Matrixport report indicates that Asia-based traders are driving nearly all of Ethereum’s recent upside. Of the 20% ETH gained over the past month, 17 percent occurred during Asian trading hours.
The data suggests that momentum in the asset’s price is not coming from the U.S. market, despite the ongoing buzz fueled by positive trends such as the “crypto week” tag and growing capital inflows.
Rising demand for U.S.-listed spot exchange-traded funds has associated with much of Ethereum’s uptrend; these funds recorded over $450 million in inflows last week. Growing institutional interest also takes credit, as more firms favor ETH as a worthy treasury reserve asset.
Institutional Demand and Major Investments Surge
Major ETH investments have been disclosed by at least three companies in recent days. These include iGaming firm SharpLink with a $213 million allocation, followed by Nasdaq-listed Bit Digital and mining firm Bitmine, which collectively added nearly $500 million.
Matrixport data now suggests Ether demand is accelerating across Asian markets, adding to the token’s momentum. Supporting this, SoSoValue data shows Ethereum-tracking ETFs in Hong Kong jumped more than 5% across the board in the past day.
But despite the strong price action, all funds traded at a discount to their net asset value (NAV), suggesting lingering investor caution or regional price dislocations.
Ethereum trades slightly over $3,100 at press time, and its uptick marks a strong recovery after several months of underperformance. With nearly 7% gains in the past day alone, ETH continues to outpace Bitcoin (BTC) and much of the broader market, and optimism is building that the token could extend its climb and push even higher.
