Ethereum

Rally

Million

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Positive signals have emerged for Ethereum (ETH), hinting at a potential future rally. Ethereum-based spot ETFs have started to gain investor interest this week. According to SoSoValue, these ETFs&nbsp;<a href="https://sosovalue.com/assets/etf/us-eth-spot" rel="noopener noreferrer nofollow">witnessed</a> daily inflows of $24.34 million on Aug. 13. This was the second consecutive day of inflows, as there were $4.93 million inflows the previous day.
The Total Net Assets of the ETH ETFs now stand at a whopping $7.65 billion, which constitutes 2.36% of the total Ethereum market capitalization. Yesterday, BlackRock’s Ethereum ETF led the market as it got $49.12 million in inflows, with cumulative net inflows of $950.38 million.
Fidelity’s Ethereum ETF followed BlackRock, with inflows of $5.41 million on the same day and cumulative net inflows of $351.1 million. Meanwhile, Grayscale’s ETHE continued its trend of outflows. While its daily outflow was $31.01 million, it had cumulative net outflows of $2.38 billion.
<h2 dir="ltr" id="what-does-it-mean-for-eth-price">What does it mean for ETH price?</h2>
Crypto analysts appreciate these consistent inflows into Ethereum&nbsp;<a href="https://u.today/goldman-sachs-reveals-massive-bitcoin-etf-holdings" rel="noopener noreferrer nofollow">spot ETFs</a>. While they have not witnessed big inflows since their launch, the market expects a gradual surge in trading for these products. Moreover, macroeconomic conditions have halted investor confidence in such assets.As the broader financial situation improves, ETH ETFs can perform better than the current state. Still, some analysts are seeing the current state of inflows as a positive indicator. In fact, it is expected that rising interest in these ETFs has the potential to inject bullish momentum into the ETH price.
Michaël van de Poppe, a renowned crypt trader and analyst,&nbsp;<a href="https://x.com/CryptoMichNL/status/1823630639339594151" rel="noopener noreferrer nofollow">explained</a> that Ethereum ETFs have started to perform consistently, with stable inflows. He predicted that this performance has the potential to continue in the upcoming period, which will coincide with the gradual rise in the price of Ethereum.

Ethereum ETFs See $24 Million Inflows, Analyst Eyes Price Rally

Table of Contents

U_Today

Other articles published on Aug 14, 2024

Kaspa Hits $0.20 ATH, Flips MATIC’s Market Cap Amid Top Crypto Presales in August

Binance Launches BANANA Futures with 50x Leverage

Superstate Integrates Chainlink to Boost Transparency of USTB Tokenized Fund

Ethereum ETF Records A Positive Inflow For 2nd Day, Grayscale’s “ETHE” Resumes Its Bearish Streak!

Bitcoin’s bull run will continue for another year

Toncoin (TON) gains 10% after Binance Launchpool platform addition

Join our free newsletter for daily crypto updates!