Simply put
- The Spot Ethereum ETF saw a significant influx of $125 million on Tuesday.
- This spike happened just as Ethereum climbed over $2,800, its highest in nearly four months.
- Over an 11-day period, the Spot Ethereum ETF brought in a total of $745 million.
The Spot Ethereum Exchange-Traded Funds recorded a notable influx of $125 million on Tuesday, marking the best daily performance since early February, according to data from Coinglass.
Leading the pack, BlackRock’s Ishares Ethereum Trust ETF (ETHA) contributed a net inflow of $80 million.
This uptrend aligns with Ethereum’s surge past $2,800 for the first time in about four months.
Moreover, additional inflow data shows that prior to February 2, investors had poured $276 million into BlackRock’s ETF when Ethereum was priced at $2,900.
According to Coingecko, Ethereum recently changed hands at around $2,853, up about 4.8%. This represents its highest price since the onset of the trade tensions during former President Donald Trump’s administration. Interestingly, while Bitcoin has occasionally reached new highs since 2021, it hasn’t surpassed the $4,900 mark.
Analysts attribute Ethereum’s recent strength to comments made by SEC Chair Paul Atkins on Monday during a roundtable on decentralized finance. He mentioned the possibility of offering “innovation relief” to those working in the emergency sector, as well as efforts to create a more supportive environment for autonomous protocols built on smart contracts.
The Spot Ethereum ETF’s total inflow has reached $745 million during an impressive 11-day streak. Since its launch last July, it has amassed around $3.5 billion in net inflow.
Valentin Fournier, a research analyst at BRN, indicated in a memo that Tuesday’s influx spike is quite significant for smaller entities within Ethereum, suggesting renewed confidence among larger investors in the crypto markets.
In a recent prediction, Vitalik Buterin, co-founder of Ethereum, forecasted a tenfold improvement in Ethereum’s transaction handling capabilities within the next year. He emphasized the importance of expanding Ethereum’s main network, rather than relying solely on Layer 2 solutions, particularly to mitigate congestion issues seen during the recent crypto boom.
