Ether surged to $3,478 on Thursday morning, setting a six-month high and extending a rally that has seen its price appreciate by over 24% in the last week.

The advance comes amid a record net daily inflow into spot ether exchange-traded funds (ETFs) of $726.7 million and reflects a surge in both institutional and retail demand.

As of 6 am ET, ETH was up 9.6% over the past 24 hours, and its year-to-date performance has finally turned green.

This story is an excerpt from the Unchained Daily newsletter.

Numerous publicly listed treasury firms collectively acquired over 570,000 ETH in recent months, while open interest for ETH futures contracts jumped to a record $50 billion.  

“Ethereum’s market value has now grown by +50% since June 22nd, hitting its highest price levels since late January,” noted market intelligence platform Santiment.

“The network has over 152.03M non-empty ETH wallets, more than any other coin in cryptocurrency.”