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Ethereum ETFs’ Highest Weekly Inflow Hits $854 Million – A Potential Catalyst for ETH?
In a shocking turn of events, the Ethereum-based Exchange-Traded Funds (ETFs) have recorded their largest weekly inflow to date, totaling a staggering $854.85 million. This monumental influx of capital has sent shockwaves throughout the cryptocurrency community, leaving many wondering if this sudden surge is indicative of a long-term uptrend for Ethereum.
According to recent data, since November, U.S.-listed spot Ethereum ETFs have witnessed an unprecedented surge in demand, propelling ETH’s price from $3,000 to a staggering $4,000. It appears that institutional investors are once again taking notice of the second-largest cryptocurrency by market capitalization.
This influx of funds has also led to a significant shift in the whale-to-ETC supply ratio, as 104 whales with over 100,000 ETH now control an astonishing 57% of all Ethereum supplies, worth $330 billion. This monumental concentration of wealth is expected to have a profound impact on the overall sentiment around Ethereum.
It is imperative to note that this week’s inflows mark the third consecutive week of capital inflows, which has lifted the price of ETH from $3,000 to its current value of $4,000. These ETFs now boast cumulative inflows in excess of $2.3 billion and an astonishing $14 billion in total net assets under management.
It remains unclear whether this rally will continue or not, as market analysts and experts alike are still analyzing the data.
Source: eng.ambcrypto.com
