Ethereum ETH/USD is trading at $2,639.39 after a 1.26% daily rise, and a weekly decline of 0.07%. The token has grown 44.37% this month. The recent surge could be related to BlackRock Inc's BLK purchase of $50 million worth of ETH, the potential for a national-scale blockchain infrastructure utilizing Ethereum.
According to Arkham's on-chain data, BlackRock-linked wallet balances have been rising consistently, and the company has made a major Ethereum purchase as part of a strategic long-term accumulation. The purchase was made through Coinbase Global Inc COIN Prime, and had bulk transactions between 9,000 and 58,000 ETH.
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According to CryptoQuant, exchange inflows of Ethereum jumped last week, and transfers spiked from 200,000 to over 1.3 million ETH between May 27 and June 1 before dropping. While large inflows are followed by selloffs, the price of Ethereum stayed within a $2,540–$2,680 band during the period, showing strong market absorption despite the sudden supply increase. The resilience indicates continuous investor demand, especially from institutions.
Consensys CEO and Ethereum co-founder, Joe Lubin, announced plans to build Ethereum's infrastructure with major sovereign wealth funds and banks in a large country. While the country is not named, Ethereum’s utility as infrastructure for dApps is being considered.
During his recent appearance on Rug Radio’s “Fomo Hour,” Lubin stated that the discussions include Layer-1 and Layer-2 activity.
The Ethereum Foundation underwent internal restructuring, moving its core R&D under a new department called “Protocol.” The reorganization will tackle long-standing scalability issues in the base layer, Layer 2 data availability, and end-user experience, which will improve Ethereum’s longer-term competitiveness.
The reorganization established leadership tracks for each focus area, and announced a strategic advisory position of Dankrad Feist, who is known for proposing major gas limit improvements. The EF confirmed layoffs and called it a part of the streamlining process. It encouraged continued external contributions from impacted developers.
Ethereum’s daily trading volume rose by 16.03% to $18.15 billion, indicating that new capital is flowing back into ETH markets. Irrespective of near-term resistance at $2,680, if there's continued interest from institutions, Ethereum can reach a better price stability base.
While regulatory developments and macroeconomic factors will have an impact on price, the recent BlackRock investment, sovereign interest, and internal technical reform show that Ethereum is entering a new infrastructural cycle. While price volatility exists, the future of Ethereum will be far better than in previous months.
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