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FOMO Frenzy Hits ETH: Is Another Ethereum Rally Brewing as Traders Panic?
The cryptocurrency market has been gripped by fear of missing out (FOMO) in recent times, and it seems that Ethereum (ETH) is the epicenter of this frenzy. A surge of more than 50% in just a month has seen the price touch $3,850 before retreating slightly to its current level of $3,630.
The past week’s trading volume and social media chatter suggest that the fear of missing out on potential future gains might be causing traders to panic buy, fueling an unprecedented rally. New data now indicates that there may be a second bullish wave brewing beneath the surface.
Data Points to Second Bullish Wave
Ethereum’s spot trading volumes have surpassed Bitcoin’s for the first time in over a year, as a growing number of investors become increasingly enthusiastic about the prospects of ETH in this nascent altcoin season. The fact that altcoin spot volumes reached $67 billion on July 17, the highest since March, underscores a significant shift in investor sentiment towards Ethereum and other alternative cryptocurrencies.
Strong Institutional Demand
Meanwhile, institutional investors continue to show immense interest in ETH as they add the asset to their treasuries through regulated investment vehicles. The data is stark – nine ETFs launched by giants like BlackRock and Fidelity have collectively attracted $8.65 billion in net inflows over the past year, signaling a long-term commitment to Ethereum’s role within portfolios.
The absence of any break in this unbroken 14-day inflow streak indicates that institutional investors remain unwaveringly optimistic about ETH’s prospects. In fact, some firms like SharpLink Gaming, BitMine Immersion Technologies, Bit Digital, Coinbase, BTCS, GameSquare Holdings have publicly disclosed Ethereum holdings as part of strategic diversification efforts.
A more in-depth analysis suggests that Coinbase holds 137,300 ETH units, while the likes of Bit Digital and BTCS hold 120,306 ETH and 55,788 ETH respectively. GameSquare, on the other hand, holds a substantial 10,170 ETH units.
In conclusion, it appears that institutional investors are here to stay, and this influx of capital may be driving the recent surge in Ethereum’s price.
Source: cryptopotato.com
