BlackRock Ethereum ETF Eyes $6 Billion Inflows as ETH Price Eyes $3,000 Breakout
Spot Ethereum ETFs recorded over $211 million in inflows on Wednesday, the highest in a month, with BlackRock leading as ETH price eyes a breakout above $3,000.
The ETHA share price jumped over 6%, reaching $20.97. As per the data from Yahoo Finance, more than 43 million ETHA shares traded on Wednesday, double the trading volume from the previous day’s total of $24 million.
Daily trading volumes for ETHA have been steadily rising, with the 30-day average reaching a record 18.83 million, up from 12.97 million in early June.
The overall spot Ethereum ETF market is also showing healthy growth with strong inflows over the past two months. The collective inflows across all US ETF issuers has now surged to over $4.7 billion.
With the Rex Shares-Osprey Solana Staking ETF launching last month, anticipation is growing that Ethereum ETFs will soon offer staking features as well. Major players like CBOE are actively advocating for it.
ETH Price Rally Can Continue Amid Strong Whale Purchases
Amid a strong crypto market and Bitcoin hitting all-time highs, ETH has gained 7% in the past 24 hours, approaching $2,800 and eyeing a $3,000 breakout.
Today’s ETH price rally came with a 77% increase in daily trading volume, moving past $31 billion. The ETH futures open interest has surged more than 13% to $41.1 billion, suggesting strong bullish sentiment among traders.
The ETH whales have purchased a staggering 127,971 ETH over the last 24 hours. This includes some of the top contributions from SharpLink Gaming, Abraxas Capital, and other crypto wallets.
Ethereum broke back above $2,800 today!
In the past 24 hours, 7 whales/institutions have bought 127,971 $ETH($358M).
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.