Ethereum has recently witnessed an impressive influx into its exchange-traded funds (ETFs), recording a remarkable $104 million net inflow within just 24 hours. This surge has coincided with a 3.01% increase in Ethereum’s price, reflecting a heightened demand for the asset across the market.
Data from Sosovalue reveals that the total net asset value of Ethereum Spot ETFs has surged to an astounding $6.14 billion. The ETF Net Asset Ratio stands at 2.83%, while the cumulative net inflow has reached $2.4 billion.
Noteworthy among these ETFs is Blackrock’s ETHA, which alone accounted for a $54.235 million inflow, bringing its total net inflow to $4.1 billion. Fidelity’s FETH also contributed significantly, with a daily net inflow of $35.9 million, pushing its historical inflow to $1.4 billion.
Notably, all nine ETFs tracked reported net inflows, reflecting a significant recovery in the crypto market following recent challenges. The resurgence of institutional interest in Ethereum is evidenced by the Coinbase Premium Index, which recently turned positive and hit a monthly high of 0.075.
This uptick often indicates renewed institutional accumulation and reflects a positive sentiment towards Ethereum, typically driving prices higher. As a result of the increased capital inflows into its ETFs, Ethereum experienced notable price action, recovering to a peak of $1841 after dipping to a low of $1740.
With the current trading price at $1828, the altcoin’s upward trajectory suggests that buying pressure is growing. Moving forward, Ethereum appears poised for further gains.
Analysts indicate strong demand across participants, supported by on-chain data showing a spike in Ethereum’s Stock-to-Flow ratio, which suggests increasing scarcity. Should the prevailing market conditions hold, Ethereum could target the $1913 resistance level, with potential movement towards $2000 if buyer support remains strong.
Conversely, if sellers start to withdraw, a correction could bring prices down to $1730.