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Ethereum ETFs Attract Record $726 Million, Pushing ETH Price Above $3,400
The cryptocurrency market has witnessed a significant surge in the past few days, with no signs of slowing down. The latest reports indicate that Ethereum-based exchange-traded funds (ETFs) have attracted an astonishing record amount of $726 million, sending the price of Ether above $3,400.
According to the data provided by SoSo Value, the inflows into these ETFs mark a significant shift in market sentiment, as institutional investors begin to regain confidence in the Ethereum ecosystem. This trend is expected to continue as it has gained momentum since late April and appears to be accelerating.
The data further highlights that BlackRock’s iShares Ethereum Trust captured the largest share of this influx, with nearly $500 million flowing into the fund. Fidelity’s Ethereum Fund also saw notable inflows, drawing in over $113 million within a short period. Other funds, such as Grayscale and Bitwise, managed to secure smaller but still substantial amounts.
The combined assets under management across these ETFs have now reached an astonishing $16 billion, with cumulative net inflows exceeding $6 billion since the funds’ inception.
Source: cryptoslate.com
