Ethereum surged to its highest level since mid-November on Tuesday, outpacing bitcoin and driving broader crypto market gains. Ether climbed to just under $3,400, rising 8.4% over 24 hours, compared with bitcoin’s 4.5% gain and the CoinDesk 20 Index’s 6% increase.
The rally pushed the ETH/BTC ratio to its strongest level since late October, signaling capital rotation from BTC into ETH. Joel Kruger, market strategist at LMAX, attributed the move to “improving regulatory expectations and renewed optimism around ETF-related inflows,” noting staking could soon be added to funds.
A key catalyst was BlackRock’s filing for the iShares Ethereum Staking Trust on Monday, which would let investors earn yield from ETH staking. Kruger said the development “revives optimism around ETH-focused inflows and yield-bearing crypto products,” while regulatory timelines remain uncertain.
Ether may also benefit from regulatory support for real-world asset tokenization, a growing trend bringing financial instruments like bonds, funds, and real estate onto Ethereum smart contracts.
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