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Ethereum ETFs Snap Up $1 Billion in ETH as Price Edges Toward Record High
A staggering $1 billion worth of Ethereum (ETH) has been purchased by Ethereum ETFs, a monumental milestone that marks the highest single-day inflow for the asset. This extraordinary development comes as the cryptocurrency’s price edges closer to its all-time high.
BlackRock, Fidelity, and Grayscale led this surge in buying activity, with BlackRock alone committing $640 million to its ETHA fund, marking its best daily inflow since launch. Fidelity contributed an additional $276.90 million, while Grayscale added a substantial $80 million.
This influx of funds has pushed Ethereum’s price above the $4,500 mark and is now poised to break through the $4,800 barrier. The unprecedented buying pressure has been further amplified by the involvement of large whales, which purchased over $200 million worth of ETH outside of ETF activity.
One whale in particular acquired a staggering $137.8 million from FalconX, while another secured $82.9 million from Galaxy Digital OTC. This accumulation spree, driven primarily by institutional investors and corporations, has solidified Ethereum’s position as the largest altcoin, poised to continue its upward momentum.
The confluence of macroeconomic factors supporting this rally is notable, with the U.S. CPI data revealing a below-expected 2.7% increase. Historically, lower interest rates have favored risk assets like cryptocurrencies, and Ethereum ETFs are no exception.
As investors shift their attention toward higher-growth potential assets, Ethereum’s position at the top of the altcoin market has become increasingly attractive. The cryptocurrency’s price surge is a direct result of this sentiment shift, which has been further fueled by Ethereum ETFs’ unprecedented buying activity.
The pace of accumulation remains unparalleled among crypto investment products, with Arkham noting that such levels of participation have not been seen before. It can be inferred that Ethereum ETFs will play a decisive role in driving ETH beyond its current all-time high, as this trend continues.
In conclusion, the recent inflow of $1 billion into Ethereum ETFs has propelled the asset’s price toward record highs, underscoring the cryptocurrency’s increasingly attractive investment profile.
Source: blockonomi.com
