The second largest cryptocurrency, Ether (ETH), has again outshined Bitcoin in weekly inflows, with all US-based spot Ethereum ETFs combined amassing over $281.07 million, while spot Bitcoin ETF inflows see $128.81 million in outflow.
The surge in Ethereum ETFs is attributed to the recent rally in ETH price, which swiftly accelerated from $1,790 to breaking above the $2,700 mark in the past month. This gigantic pump marks a surge of 54%, reflecting a staggering market demand for ETH.
As per Sosovalue data, Ethereum ETFs have sustained their positive inflows streak for the fourth week in a row, accumulating total funds of $856.81 million during the period. With this push, the total net assets in Ethereum ETFs have surged to $9.40 billion, meaning that all the ETF issuers currently hold over $9 billion of Ether (ETH) in their respective funds.
Notably, the surge in Ethereum ETFs comes amid slowing traction in Bitcoin ETFs, which have seen outflows of $157.40 million and $128.81 million over the past two respective weeks. This pullback suggests shifting market dynamics, with Ethereum likely staying ahead in the race.
Ethereum Price Continues Bullish Momentum
The recent institutional deals and increasing capital inflow have put Ethereum among the most buoyed and looked-after crypto assets in the past few weeks. A strong recovery momentum in ETH price and overall bullish sentiment around the asset are apparent evidence for it.
At the time of writing, the ETH price is trading near $2,500—up 30% in the past 30 days. While the recent feud between Donald Trump and Elon Musk crashed markets, ETH fell to $2,400, but it steadily surged back to the $2,500 mark ahead of the weekend.Â
Market analysts now expect Ethereum to regain above its past price levels, with some predicting a striking move to $3,000, coinciding with the bullish reversal in the crypto market. The broader picture reveals it approaching a new all-time high as significant developments take place within the Ethereum Foundation, the non-profit looking after Ethereum’s growth.
Also read: Ethereum Traders Lose $310M in 48 Hours, Will ETH Price Crash?
