Ethereum extended its summer rally on Saturday, breaking above $4,200 for the first time in more than three years as heavy institutional buying accelerated. The token is now about 14 percent shy of its November 2021 record near $4,800. Blockchain data compiled by Arkham and other tracking services show BlackRock accumulating 65,167 ETH valued at roughly $272 million, alongside a separate purchase of 3,089 BTC worth about $360 million. The asset-manager’s move coincided with $461 million of net inflows into spot Ethereum exchange-traded funds, outpacing the $404 million that flowed into Bitcoin vehicles on the same day. The renewed appetite follows a bout of record outflows from ETH funds earlier in the month, underscoring volatile but rising demand for the world’s second-largest cryptocurrency. Veteran traders have been repositioning amid the price surge: ShapeShift founder Erik Voorhees sold 6,581 ETH for $27 million at $4,161, while BitMEX co-founder Arthur Hayes bought back $10.5 million after a smaller sale a week earlier. The rally has propelled Ethereum’s market capitalization past Netflix and Mastercard, lifting it to the 22nd-largest global asset. Co-founder Vitalik Buterin’s publicly disclosed on-chain holdings now exceed $1.02 billion, cementing his return to billionaire status with a reported 240,000 ETH stake. Analysts attribute the momentum to the combination of swelling ETF demand, corporate treasury allocations and expectations that a break to new highs could draw additional capital. They caution, however, that the rapid ascent could invite profit-taking and sharp short-term swings typical of previous crypto cycles.