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Ethereum led the market with $634 million in weekly inflows, pushing its year-to-date total to $2.2 billion. Rising institutional demand for ETH-based ETFs has analysts eyeing what could be the next big move for Ethereum.
Institutional Interest in Ethereum Surges with $634M Inflows
Investment products backed by Ethereum have recently received $634 million, indicating a dramatic increase in institutional interest in the cryptocurrency.
Inflows into ETH this year have reportedly hit a remarkable $2.2 billion, as reported on the CoinShares blog. Institutional investors are showing a great deal of optimism about its long-term growth prospects, which has contributed to this spectacular turnaround.
How well ETH ETFs do is highly related to the increasing demand from institutions.
The demand-supply dynamics still favor Ethereum (ETH) because of the increased interest in Ethereum-based exchange-traded funds (ETFs) in the past few weeks and the substantial inflows of capital. There has been a marked increase in the number of investors including Ethereum in their digital asset strategies, and these ETFs have played a significant role in this trend.
Ethereum Outpaces Rivals in Adoption and Inflows
The digital asset market as a whole is seeing an increase in ETF inflows, which is only one aspect of that development.
Last week, investors poured $270 million into digital asset investment products, and Ethereum's continuous growth shows that it is surpassing other assets in terms of acceptance. Ethereum (ETH) is becoming an even more prominent digital asset due to its contributions to blockchain technology and Layer 2 scaling solutions, which are attracting a large number of institutional investors.
Investments totaling $270 million flooded the cryptocurrency market last week. While $634 million went to Ethereum, $457 million left Bitcoin, the first major outflow since September. After Bitcoin's recent surge beyond the symbolic $100,000 barrier, analysts say that investors are taking profits, which is why the cryptocurrency is down.
XRP Joins Ethereum in ETF-Driven Gains
The anticipation of a possible U.S. ETF also contributed to XRP's remarkable $95 million inflows. A recent S-1 filing for the XRP ETF fund was made by WisdomTree with the US SEC.
However, investor interest has been on the rise, with total crypto ETF inflows reaching a record $37.3 billion this year throughout the globe. Eric Balchunas pointed out that cryptocurrency exchange-traded funds (ETFs) still only account for about 5% of all ETF assets.
Ethereum's Fundamentals Strengthen Amid Price Volatility
With a 3% decrease over the last 24 hours, the price of Ethereum (ETH) is $3,615 at the time of writing. In the past 24 hours, it has a low of $3,570 and a high of $3,761, Coingape points out. It has a trading volume of $40 million each day and a market worth of $435 billion.
While Ethereum's 59% rise compared to Bitcoin's 124% year-to-date may not be as impressive, the strength of its fundamentals is undeniable. If the price can regain important levels like $3,650, it might suggest a breakout, according to analysts including Rekt Capital.
Not only that, but notable crypto market specialist Ali Martinez has pointed out that Ethereum whale behavior is on the rise. Martinez just made the announcement that 280,000 ETH, valued at $1 billion, were bought in just 96 hours.
A combination of Ethereum's strong fundamentals and its increasing ETF inflows bode well for the cryptocurrency's future. The asset appears to be in a good position to draw additional institutional interest, given the current demand-supply dynamics that favor ETH and the growing blockchain activity.
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