Ethereum (ETH) surged 6.5% in the last 24 hours to trade at $2,618.67, a level last seen in January 2026. The global cryptocurrency market cap climbed to $2.88 trillion following gains of 4.6%. This recovery occurred despite several developments that would normally pressure risk assets, including the failure of the CLARITY Act to advance in the Senate, a 25 basis point rate hike by the Federal Reserve, and rate increases by the Bank of Japan.
Ethereum saw a surge in whale transactions and its holder base expanded to a record 207.17 million non-empty wallets. Staking has supported long-term demand, with more than 40 million ETH currently staked, removing significant supply from immediate availability. Ethereum remains a major hub for decentralized finance, securing roughly $50 billion in total value locked across lending platforms and other protocols. ETH ETFs also flipped a three-day outflow streak with $143.7 million in inflows.
Bitcoin moved back above $80,000 alongside Ethereum’s gains. Several major altcoins recorded more significant gains, with Solana and Hyperliquid hiking by more than 10% and Uniswap gaining around 16%.
However, there may be lingering uncertainty. The Ethereum Foundation transferred approximately $2.45 million worth of ETH to an unlabeled Gnosis Safe, a smart contract wallet commonly used for managing funds collectively or securely. Because the receiving wallet is unlabeled, it is not yet clear whether it is directly controlled by the Foundation or belongs to another entity. This transfer does not necessarily mean the foundation is selling, as on-chain data shows it still holds around $235.46 million worth of ETH and $23 million in USDC.
