Ethereum Hits $3,650 – Is This a Market Rally or Just a Bizarre Crypto Circus?

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Rejoice, traders of the digital bazaar! Ethereum has once again pirouetted over the staggering threshold of $3,650 and is now flirting with the $3,669 mark—barely brushing past the tantalizing $3,800 like a shy flapper in a speakeasy! 🥳 The word on the blockchain is that this joyful leap is a product of growing institutional demand, with ETH being dubbed the enchanting ‘digital oil’ that fuels our crypto engines. Seriously, who invents these terms? 🤔

On a fine morning, July 18, around 6:30 AM UTC (when most people are either splendidly dreaming or perhaps just having their morning coffee), data from crypto.news revealed that our beloved Ethereum, the noble second-largest cryptocurrency by market cap, decided it was time for a dramatic rise. Capping its ascent at a dizzying $3,669, it is now trading at a nonchalant $3,651. The dollar signs are practically twinkling! 💸

In the past 24 hours, Ethereum’s magic has increased by an astonishing 7.79%! And hark, just in time for ETH’s 10-year anniversary to kick off a delightful celebratory rally—22.24% over the last week and a whopping 43.9% for the month. Hop on board the rocket ship, folks! 🚀

For the first time since the unfortunate winter of early January, when ETH had awkwardly slumped from a $4,000 high, traders across the X platform have taken up their megaphones to share expressive reactions to Ethereum’s latest victory lap. 🎉

One exuberant trader bellowed, “Woke up to $ETH at $3,600. What a time to be alive.” Because let’s face it, if waking up to cryptocurrency gains isn’t what dreams are made of, what is? 💤💰

Another trader, likely in their pajama-clad glory, declared, “So where are those $SOL folk who claimed Ethereum was all washed up? $ETH is flirting with $3,600 and this #bullrun might just bust through the $10K barrier for sure!” Now, that’s optimism wrapped in bravado! 😏

One more chimed in with a wildly enthusiastic shoutout: “ETH Back above $3,600. The Comeback is Real!” Wow, such thrilling poetic flair in the world of finance! 📈

Lurking in the shadows of this price surge is an avalanche of retail demand and an intriguing rise in institutional interest. Our charming detective work reveals data from OKX, revealing a staggering net inflow of more than $2.04 million, with inflows reaching $3.8 million and outflows of $1.76 million. So, you see? Even crypto behaves like a dramatic stage character from a classic novel!

In a continuation of this veritable soap opera, over 90% of funds flowed in from diligent on-chain addresses, suggesting users are not merely spectators, but flamboyant participants in this dance of the digital denizens! 💃

Moreover, according to the rumor mill at SoSo Value, net inflows for U.S.-listed ETH spot ETF hit a sumptuous $7.09 billion as of July 17, with daily net inflows luxuriating at $602 million—just a day after hitting a crescendo of $717 million!

And let us not forget the sophisticated players in this game: BlackRock’s ETHA, leading the parade with a dazzling $546.7 million, while Fidelity and Grayscale, the illustrious sidekicks, revel in their respective inflows of $17.19 million and $29.9 million. Quite the trio of investors, if I do say so myself! 🕴️💼

Is Ethereum the new ‘digital oil’?

Gone are the days when Bitcoin (BTC) was the lone wolf grabbing all the institutional attention. Ethereum, with a glint in its eye, has emerged as a darling asset, offering a tantalizing alternative to BTC and stablecoins, all while sidestepping the ever-evolving economic circus. 🎭

As many prominent figures in crypto (yes, former Wall Street bankers included!) have dubbed Ethereum the illustrious “digital oil,” one must wonder if the crypto industry is simply outdoing itself in inventive naming! This catchy comparison stems from the similar notion that both oil and ETH need their respective “gas” to keep things running smoothly. It’s a wild ride, but who’s keeping track?

Earlier today, the clever folks at Bitmine Immersion delighted us with the revelation that their Ethereum holdings have galloped past $1 billion—a staggering leap ahead of their previous modest $250 million raise from just a week ago! Bravo to them for playing the game so well! 🙌✨

Current gossip indicates that BitMine’s vault now flaunts 300,657 ETH valued at a jaw-dropping $1 billion, effortlessly eclipsing the Ethereum Foundation’s mere $665 million holdings by almost $400 million. Ah, the glory of competition!

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2025-07-18 11:04