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Ethereum Price Nears All-Time High, ETH ETF Inflows Cross $1.5 Billion in Two Days
The price of Ethereum has been experiencing a remarkable surge over the past week, with it nearing its all-time high of $4,800. This unprecedented growth is largely attributed to strong institutional interest and significant ETF inflows. According to reports, the total value locked (TVL) on the Ethereum network has reached an astonishing figure of $90 billion, indicating renewed activity on the blockchain.
Notably, spot Ether ETFs have witnessed record-breaking inflows, with a staggering $1.018 billion flowing in on August 11 alone. This influx continued into the following day as another $523.9 million worth of ETH was purchased by investors, led by BlackRock.
As Ethereum’s price approaches its all-time high, many experts are predicting a significant increase in its value if historical patterns repeat themselves. Pseudonymous trader YashasEdu has gone so far as to suggest that the cryptocurrency could surge past $8,500 in the coming months should Bitcoin hit $150,000.
This prediction is based on previous market data where Ethereum’s market capitalization typically reached a level of 30-35% of Bitcoin’s. If this scenario plays out, Ethereum would need to rise significantly, potentially reaching levels beyond its current price.
Source: coinpedia.org
