Ethereum nears $1,800 as Bitcoin rebounds above $64,000

Ethereum rose to about $1,796 on 10 July, testing the $1,800 resistance level. The price gain followed the launch of the nonprofit Ethereum Institutional initiative on 1 July, backed by co‑founder Joe Lubin and major crypto firms, which aims to give banks, asset managers and custodians neutral access to the ETH blockchain. Spot ETH ETFs recorded three consecutive days of net inflows, adding roughly $44 million, while optimism around the pending CLARITY Act supported the broader market.

Bitcoin recovered to roughly $64,100 on 11 July, driven by whale buying in the United States. Analysts noted that large wallets accumulated about 270,000 BTC (~$16.7 billion) near $59,000 earlier in the month. At the same time, U.S. spot Bitcoin ETFs experienced record outflows of $4.5 billion in June, the worst month since the products launched, though inflows turned positive for a single day in early July. The divergent trends—institutional sell pressure versus on‑chain accumulation—highlight ongoing volatility. Additional developments included a Japanese bank offering Bitcoin‑backed loans up to $6.2 million and continued strong performance of related equities such as Circle Financial and Coinbase.