Ethereum Flips Bitcoin In Year-To-Date Gains: What’s Fueling The Second-Largest Crypto’s Rise? – Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest (ARCA:ETH)

Ethereum ETH/USD flipped elder sibling Bitcoin BTC/USD in year-to-date gains Monday, as institutional interest fuels a sharp spike in the second-largest cryptocurrency.

ETH On A Tear

As of this writing. Ethereum was up over 28.21% since the beginning of the year, surpassing Bitcoin’s returns of 27.40%.

ETH has been on a tear over the last month, soaring as much as 44% and pushing to levels last seen in November 2021. BTC has barely moved in the same period.

Furthermore, ETH’s market share has risen to 13% for the first time in nearly eight months, while Bitcoin’s dominance has fallen.

See Also: Samson Mow Says Ethereum A ‘Vehicle’ For People To Buy More Bitcoin: ‘No One Wants ETH In The Long Run’

What’s Driving ETH’s Rally?

Institutional interest in the $515 billion asset has skyrocketed in the last month. Net inflows into ETH spot exchange-traded funds reached over $21 billion in July, far exceeding those in BTC ETFs, according to SoSo Value.

Treasury narratives have also played a part, with big-ticket ETH purchases by BitMine Immersion Technologies, Inc. BMNR and Sharplink Gaming, Inc. SBET adding to the momentum.

Price Action: BitMine shares closed 14.68% higher at $58.98 during Tuesday’s regular trading.

As of this writing, the stock demonstrated a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how it stacks up against Strategy Inc. MSTR, the pioneer of cryptocurrency treasury play.