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Ethereum ETFs Attract Record $726 Million, Pushing ETH Price Above $3,400
In a remarkable display of investor confidence, Ethereum ETFs have attracted a staggering record $726 million in inflows, effectively propelling the ETH price beyond $3,400. This unprecedented surge has sent shockwaves throughout the cryptocurrency market, with many experts hailing it as a testament to the growing institutional appetite for Ethereum and decentralized finance (DeFi) assets.
As per data sourced from SoSo Value, it is clear that BlackRock’s iShares Ethereum Trust took the lead in this impressive outpouring of support, securing an astonishing $500 million in new investment capital. This massive influx has propelled its assets under management to a staggering $7.7 billion.
Meanwhile, other notable funds such as Fidelity’s Ethereum Fund and Grayscale’s Ethereum-focused funds have also seen significant inflows, garnering over $113 million and $87 million respectively. Bitwise’s ETHW ETF brought in an additional $14 million during the same period.
The cumulative impact of these substantial inflows is a market that has become increasingly bearish on the prospects of Ethereum and DeFi. The sheer scale of this influx underscores the growing conviction among institutional investors that Ethereum, and by extension the broader cryptocurrency space, offers unparalleled investment opportunities.
In response to this surge, ETH’s price has responded in kind, soaring above $3,400, a level unseen since mid-June 2024.
Source: cryptoslate.com
