ETH price surged over $1,919 on Thursday along with the rest of the crypto market after the government released consumer price index data, which turned out to be lower than expected.
ETH outperformed Bitcoin in terms of daily gains registering a double-digit surge. Data from crypto analytic firm Santiment revealed that the price momentum was aided by whale transactions valued at $100,000 or more. The increase in whale transactions comes amid a growing accumulation of whales.ETH also registered a recent uptick in capital inflows into Ethereum-based institutional investment funds.
in the week ending Aug. 5. Similar funds for Bitcoin witnessed capital outflows worth $8.5 million in the same period, suggesting a growing bullish sentiment among institutional investors.With the mainnet merger just over a month away, ETH price is seeing a bullish momentum with leading crypto platforms putting their weight behind the Merge.