Ethereum Surges Above $1,800 This Morning, Reaching a Nearly Three-Week High, Can ETH Stand Up Again?
(Background: Ethereum ETF Raises Alarm: Asset Management Scale Hits “Historical Low,” Over $1.1 Billion Flowed Out in Seven Weeks)
(Context: Paul Atkins Officially Assumes Office as SEC New ###, Next Steps to Approve XRP, SOL, and Other Altcoin ETFs, Opening Up Ethereum Staking?)
Cryptocurrency and traditional financial markets experienced a rebound following Trump’s confirmation of reduced tariffs on China and his indication of no intention to dismiss Federal Reserve Chairman ### Powell. Bitcoin surged to $94,000 this morning (23rd), and as of writing, Ethereum also broke through $1,800, marking a nearly three-week high with an increase of over 13% in the past 24 hours.
However, according to the latest data from Trading View, Ethereum, as the second-largest cryptocurrency, has shown a lackluster market dominance (ETH market share), which dropped to 6.95% yesterday (22nd), a new low since January 2020.
Galaxy Digital Sells $100 Million in ETH to Shift to SOL?
On the same day (22nd), according to on-chain data monitoring platform Lookonchain, digital asset management firm Galaxy Digital has deposited 65,500 ETH (valued at approximately $105 million) into exchanges over the past two weeks and withdrawn 752,240 SOL (valued at approximately $98.37 million), indicating a possible shift in investment focus to SOL.
It seems that Galaxy Digital is selling $ETH and buying $SOL! In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH ($105.48M) to #Binance and withdrew 752,240 $SOL ($98.37M).
— Lookonchain (@lookonchain) April 22, 2025
Note: Galaxy Digital is a technology-driven financial services and investment management company focused on digital assets and blockchain technology, headquartered in New York, USA. Founded in 2018 by Michael Novogratz (former Goldman Sachs partner and President of Fortress Investment Group), Galaxy Digital managed assets totaling approximately $1 billion as of December 31, 2024.
Can Ethereum Stand Up Again?
Recently, the community has been rife with FUD regarding ETH. For example, PlanB, an analyst who proposed the Bitcoin S2F model, recently criticized Ethereum on the X platform, labeling it a “centralized, pre-mined, proof-of-stake (PoS) garbage coin with arbitrary supply changes.”
Should the overall economic uncertainty diminish and the risk market recover, whether Ethereum can regain its footing remains to be seen. However, potential positive factors to watch in the short term include:
- Ethereum’s Pectra Upgrade: The latest upgrade, the Pectra upgrade, is set to go live on the mainnet, expected to further enhance Ethereum’s security and scalability, attracting more users in the future;
- U.S. Ethereum ETF Staking: Amid the current relaxation of U.S. regulations on cryptocurrencies, the staking function of Ethereum spot ETFs may receive SEC approval, potentially increasing institutional demand for ETH;
- Growth of RWA: Ethereum remains one of the leading blockchains for Real World Assets (RWA), and as RWA begins to truly explode, the price of ETH could be stimulated again.
Related Reports
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