The Spot Ethereum ETFs broke an important record, as the inflows of their funds continued to rise.
EthereumETHETFs experienced inflows over the past 16 consecutive days. This is a new personal record. Net inflows on Friday, December 14 totaled over $23.6million, taking the amount invested since its inception up to more than $2.26billion.
SoSoValue estimates that the assets of all Ethereum ETFs are over $13.7 Billion. Grayscale Ethereum ETF remains the largest with $5.6 Billion.
Following iShares Ethereum Trust ETF are Fidelity Ethereum Fund (Fidelity Ethereum Trust ETF), Bitwise Ethereum ETF VanEck Ethereum ETF and Franklin Ethereum ETF.
Inflows are a result of the growing expectation that the U.S. Securities and Exchange Commission (SEC) will permit staking. This would allow ETFs to benefit from both the price increase of the coin and the stake reward. Data by StakingRewards This shows the stake yield at 3.26 %.
The inflows occurred at a period when Ethereum was doing very well. The price of Ethereum is currently hovering around $4,000 and only 25% lower than its record high. The price has increased by 153% since its low in 2023.
Data by chain is also promising. Data from IntoTheBlock This shows the most recent data, showing that there are now over 122.7 Million active ETH addresses.
Further data indicates that Ethereum whales have a growing market share. Whales own about 43% (up from 22% last November) of all Ethereum, which is a sign they’re optimistic.
Ethereum price: will it reach $5,000?
Recently, a note was published that explains the following: CryptoQuant predicted The demand and supply dynamic was cited as the reason why the ETH prices were on a trajectory to $5,000.
We can see on the chart that the ETH rate has risen, but it is now at a barrier of $4,092. It has failed to cross that level two times before — in March and May.
Ether remains above both the Fibonacci Retracement and 50-week Moving Averages. ETH must therefore break through the $4,092 resistance level to invalidate this triple-bottom pattern.
It will then reach the highest level of all time at $4,877. This is the critical $5,000. To reach $5,000 it only needs to increase by 25%. If the bull market continues, this is possible.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
