Ethereum stalks record highs as Bitcoin hovers above US$122K

Bitcoin has pushed through the US$122K mark, supported by another US$253.2M in ETF inflows over the past week, keeping demand strong. Key levels remain at US$116K for support and US$120K for resistance, with price action pointing to a post-all-time-high consolidation phase. At this stage, patience is key.

Ethereum, meanwhile, has stolen the spotlight, smashing through US$4,300 to multi-year highs. Institutional demand is the big driver here - ETH spot ETFs saw US$461M in inflows, topping Bitcoin’s US$404M. That has triggered massive short liquidations and put Vitalik Buterin back in the billionaire club. With momentum, inflows, and headlines all on its side, ETH has a strong case for challenging its previous all-time highs. Outperforming Bitcoin in the near term isn’t out of the question, but it will depend on whether those institutional flows hold. As I shared with The Block, these factors are creating the strongest setup ETH has seen in years.

Overall sentiment remains cautiously bullish. On one hand, ETF inflows for both Bitcoin and Ethereum show institutions are still adding exposure. On the other, we’ve seen some cooling signals - GameStop halting its Bitcoin purchases after amassing 4,710 BTC and Harvard’s endowment making a US$116M Bitcoin ETF allocation. Big money is still coming in, but traders are watching closely for signs of exhaustion after such a strong run. Right now, the market feels optimistic, but with one hand hovering over the brake.

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