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Ethereum ETFs’ highest weekly inflow hit $854M – Boost for ETH?
The recent surge in institutional interest has sent a strong bullish signal to the Ethereum market. The United States-based spot Ethereum ETFs have seen their highest weekly inflow of $854.85 million, marking the third consecutive week of increased demand.
This significant influx of capital has pushed the king altcoin’s price from $3,000 to $4,000 since November. Moreover, the cumulative inflows now stand at over $2.3 billion and $14 billion in total net assets under management for these ETF products.
The data shows that BlackRock’s ETH ETF, ETHA, remains at the forefront of this institutional interest, with a staggering $3.2 billion in inflows. Fidelity’s FETH, Grayscale’s ETH, and Bitwise’s ETHW trailed behind with $1.3 billion, $614 million, and $415 million respectively.
The surge in institutional investment has allowed Ethereum to gain ground on Bitcoin for the first time since August 2024. The ETH/BTC ratio, which tracks relative performance against BTC, shows a brief strengthening of ETH in November and December, but was ultimately rejected at 0.040 and slipped below the 20-day SMA.
Despite this, analysts are optimistic about Ethereum’s potential to reach new all-time highs by January 2025, citing historical patterns. The trend is supported by the whale position data from Santiment, which reveals that whales now control an astonishing 57% of all ETH supply worth $330 billion.
This increased dominance by whales suggests a strong bullish conviction and reinforces the likelihood of further upside for Ethereum in the near future.
Source: eng.ambcrypto.com
