Ethereum has reclaimed the $3,650 mark, sparking excitement across the crypto community—particularly among traders on X. The surge is widely attributed to growing institutional interest and ETH’s rising reputation as “digital oil.”
At approximately 6:30 AM UTC on July 18, data from crypto.news showed Ethereum climbing as high as $3,669, narrowly missing the $3,800 level. At the time of writing, ETH is holding steady around $3,651.
The token has gained 7.79% over the past 24 hours and continues to show strong momentum, up 22.24% over the last week and an impressive 43.9% over the past month. This marks the first time since early January that Ethereum has returned to these price levels, after falling from its previous $4,000 high.
With Ethereum’s 10-year anniversary on the horizon, traders on X are celebrating the comeback with enthusiasm:
“Woke up to $ETH at $3,600. What a time to be alive,” one user posted.
“Where are the $SOL chads now? $ETH is heading to $3,600 and will smash $10K this #bullrun,” wrote another.
“ETH back above $3,600. The comeback is real,” added a third.
The rally is being fueled by both retail and institutional interest. According to data from OKX, the platform has recorded a significant uptick in Ethereum inflows, suggesting that investor confidence is on the rise once again.
In the past hour, Ethereum recorded a net inflow of over $2.04 million on OKX, with $3.8 million in inflows and $1.76 million in outflows. Notably, more than 90% of these funds originated from on-chain addresses, indicating that users are actively moving ETH onto the exchange—likely in response to growing bullish sentiment in the market.
Meanwhile, institutional interest continues to grow. According to SoSo Value, the cumulative net inflow for U.S.-listed Ethereum spot ETFs reached $7.09 billion as of July 17. Daily net inflows hit $602 million—just a day after setting a record with $717 million in a single day.
BlackRock’s ETHA ETF remains at the forefront, leading all funds with $546.7 million in inflows. Fidelity and Grayscale follow, with $17.19 million and $29.9 million in daily inflows, respectively. These figures reflect accelerating confidence among institutional investors and could further fuel Ethereum’s ongoing rally.
Is Ethereum the new ‘digital oil’?
Bitcoin isn’t the only cryptocurrency attracting major institutional interest. As more companies adopt crypto assets for their treasuries, Ethereum is emerging as a favored alternative to Bitcoin and stablecoins—offering investors a hedge in today’s rapidly shifting economic environment.
Prominent industry voices, including former Wall Street banker and Etherealize CEO Vivek Raman, have dubbed Ethereum “digital oil”—a counterpart to Bitcoin’s long-held “digital gold” status. The analogy highlights ETH’s utility: just as oil fuels engines and infrastructure, Ethereum requires “gas” to power every transaction on its network. Furthermore, with annual ETH issuance now capped at approximately 1.5%, its supply model mirrors oil production, which adjusts based on market dynamics.
Adding to the bullish momentum, Bitmine Immersion—a crypto mining and Ethereum treasury firm led by Tom Lee—announced that its ETH holdings have soared past $1 billion. This marks a significant leap from the $250 million it raised in a private placement just a week prior.
According to data reported by crypto.news, Bitmine now holds 300,657 ETH, valued at $1 billion—outpacing the Ethereum Foundation’s holdings of $665 million by nearly $400 million. This dramatic accumulation underscores the growing role of Ethereum as a core asset for institutional portfolios.
