news 
Ethereum ETFs Attract Record $726 Million, Pushing ETH Price Above $3,400
In a stunning turn of events, Ethereum-based exchange-traded funds (ETFs) have attracted an unprecedented $726 million in just 24 hours, sending the price of Ether (ETH) soaring above $3,400. This remarkable influx of investment has sparked a renewed interest in the world’s second-largest cryptocurrency by market capitalization.
As reported by CryptoSlate, BlackRock’s iShares Ethereum Trust captured the largest share of this record-breaking inflow, taking in nearly half a billion dollars ($500 million) in a single day alone. Fidelity’s Ethereum Fund and Grayscale’s ETH-based funds also recorded significant gains, with $113 million and $87 million respectively.
This monumental influx of capital has led to an unprecedented 8.48% increase in the price of ETH, pushing it above $3,400 for the first time in over six months. This rapid appreciation is a testament to the unwavering confidence investors have in the Ethereum ecosystem’s potential for growth and adoption.
The sheer scale of this influx highlights a fundamental shift in market sentiment, as institutional players increasingly seek exposure to this burgeoning sector. Furthermore, it underscores the unyielding commitment of asset managers to this nascent asset class.
As the cryptoasset continues to gain mainstream attention, regulatory bodies must take note of this seismic change and reassess their stance on Ethereum and its related ETFs.
Source: cryptoslate.com
