As a seasoned crypto investor with over a decade of experience under my belt, I can confidently say that the recent surge in inflows into spot Ethereum ETFs is nothing short of intriguing. Having witnessed numerous market cycles and trends, I’ve learned to read between the lines and this time, it seems like the altcoin season is here to stay.
The pace at which money is flowing into the Ethereum Exchange-Traded Fund (ETF) has quickened once more. This increase in inflows became particularly noticeable after Donald Trump’s victory and this week’s announcement of a 25 basis point Federal Reserve rate cut. Over the past three days, these Ether ETFs have seen net inflows, amounting to $324 million in total, marking a decrease from the high of $550 million that was reached just a few weeks ago.
Spot Ethereum ETFs See Renewed Interest
With Bitcoin reaching new peaks over $77,000, Ethereum (ETH), the largest alternative coin, is also experiencing significant growth. This surge has led to an increase in investments for the Ethereum ETF, with weekly inflows peaking at $85.9 million on November 8. This influx of funds has risen to a total of $155 million over the past week, following a series of consistent investments since Donald Trump’s election victory.
Yesterday, the BlackRock Ethereum ETF (ETHA) recorded the highest investments at approximately $59.8 million, with Fidelity’s FETH coming in second at $18.4 million. Notably, both ETHA and FETH have experienced steady and robust inflows this week. The recent growth has pushed the total investments into BlackRock’s Ethereum ETF to an impressive $1.4 Billion, as reported by Farside Investors.
However, this still pales in comparison to the inflow that spot Bitcoin ETFs are seeing these days in the US. Nevertheless, this is a healthy development as the inflows could rise further with the pick-up in the altseason.
Investors are paying close attention to the recent fluctuations in Ethereum (ETH) prices, as ETH saw a 18% increase over the last week compared to BTC‘s 9.9% gain. Additionally, there’s been an encouraging rise in the ETH/BTC exchange rate, which had been trending downward for the past three years.
Meanwhile, the United States Securities and Exchange Commission (SEC) has postponed their ruling on allowing exchange-traded funds (ETFs) to trade options based on Ethereum’s spot market.
ETH Price to Rally to $4,000?
With more funds flowing into Ethereum spot ETFs, investors are hopeful that this trend will boost the Ethereum price in the future. At the moment of writing, Ethereum’s price is surging by 4.86%, crossing the significant barrier at $3,000. This notable breakthrough means Ethereum has overcome its 200-day moving average (DMA), which shifts the market sentiment from bearish to bullish.
If the bulls successfully maintain these levels, it might trigger another surge towards $4,000. Moreover, the current Ethereum breakout is based on a 90-day accumulation, indicating a robust upward trend. Certain experts predict that this could signal the start of an extended bull run, potentially reaching $15,000.
#Ethereum
The only ETH chart you need to see right now
— Yoddha (@CryptoYoddha) November 8, 2024
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- LUNC PREDICTION. LUNC cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- THL PREDICTION. THL cryptocurrency
2024-11-09 09:58