At the center of the rally is a surge in whale accumulation. The Defiant reports Abraxas Capital purchased more than $477 million worth of ETH over the past week, snapping up around 211,000 tokens. Grayscale followed suit, adding another $83 million in Ethereum to its holdings.

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BlackRock filed an amendment to its iShares Ethereum Trust (NASDAQ:ETHA), seeking approval for in-kind redemptions. If approved, it would allow investors to swap ETF shares for ETH instead of cash, improving tax efficiency and providing direct market exposure. 

In anticipation, the firm has added roughly 7,976 ETH (valued at around $18.9 million) to its holdings.

The institutional interest contrasts with the current state of Bitcoin ETFs. According to The Block, spot Bitcoin products saw $96 million in net outflows this week. The rotation of capital into Ethereum and other altcoins reflects a broader shift in sentiment. 

Ethereum’s market cap climbs above $306 billion, overtaking Alibaba, putting ETH in the same conversation as some of the world’s largest tech giants.

ETF analysts, Eric Balchunas and James Seyffart, have pegged November 10 as a likely date for SEC approval of Ethereum spot ETFs with in-kind redemptions. It could act as a key catalyst, particularly if institutions ramp up allocations in anticipation. 

Traders are watching $2,800 as a resistance level to reclaim, with $3,000 seen as a potential psychological breakout zone. Failure to hold current levels could bring a retest of $2,400, but sentiment remains notably bullish.

Ethereum appears to be entering a new phase—one defined less by speculation and more by strategic adoption. 

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