The rally in Ether has been fueled by record inflows into funds directly investing in the token and a growing number of so-called Ether-focused treasury firms — public companies modeled after Michael Saylor’s Bitcoin accumulation strategy. These entities have collectively absorbed nearly $17 billion worth of Ether, according to data compiled by StrategicEthReserve.xyz.
180 Life Sciences Corp., which conducts business under the name ETHZilla, is extending share price gains on Wednesday, rising more than 50% in premarket trading. The biotechnology turned Ethereum treasury company, backed by billionaire Peter Thiel, rose more than 200% on Tuesday after announcing that it holds 82,186 Ether tokens.
In August, US spot Ether ETFs have attracted more than $1.7 billion in net inflows, while Bitcoin funds saw $436 million in outflows, according to data compiled by Bloomberg. On Tuesday, for the first time since their launch, the nine US spot Ether ETFs posted more trading activity than their dozen Bitcoin counterparts. Open interest in Ether futures across exchanges also climbed to a record $66 billion, Coinglass data show.
