Ethereum Surges 150% Driven by Demand Shock, Hits Yearly High

The chief investment officer of Bitwise explained the rise in Ethereum as a result of a demand shock, which led to a 50% increase in the ETH price over a month and a 150% increase from April lows. The rally's main driver has been high demand from ETPs and corporate treasuries, with over $5 billion attracted since mid-May. Companies like Bitmine and SharpLink purchased 2.83 million ETH for $10 billion, while the network issued only 88,000 ETH during the same period, contributing to the sharp increase in the cryptocurrency's price, which reached a yearly high of $3,848 on July 21.