Ethereum Exchange-Traded Fund (ETF) Hopes Rise significantly, as 40,000 ETH is Infused into the Potential Scheme
Let's Break It Down:
The on-chain analytics platform Glassnode has reported a positive net inflow for Ethereum ETFs after eight straight weeks of outflows. This shift in sentiment indicates a potential renewed institutional interest in Ethereum. Last week, the crypto market witnessed a total inflow of $3.4 billion, with Bitcoin leading the pack with $3.18 billion, followed by Ethereum with $183 million.
Recent data shows a significant resurgence in institutional inflows for Ethereum ETFs. In a seven-day period between April 21–25, Ethereum ETFs saw net inflows of $157.09 million. This is the first positive week after eight consecutive weeks of outflows exceeding $700 million. On April 25 alone, there were $104 million in net inflows, while BlackRock’s Ethereum ETF alone attracted $67.5 million on April 29.
This cumulative momentum, coupled with Bitcoin's performance, has led to Bitcoin and Ethereum ETFs collectively pulling in $380 million and $104 million, respectively, in late April. This influx of funds has not gone unnoticed, as large ETH holders have seen a 2,682% surge in netflow over the past week, signaling aggressive accumulation by addresses controlling more than 0.1% of the circulating supply.
As a result of these inflows, ETH briefly reclaimed the $1,800 resistance, supported by technical indicators such as the Relative Strength Index (RSI) being at 62 and a bullish Moving Average Convergence Divergence (MACD) crossover. This influx of liquidity has also had positive effects on AI-related tokens, with RNDR rising by 3.2%.
All of this suggests that renewed confidence from major investors might position Ethereum for near-term upside, as institutional participation helps stabilize prices and liquidity.
With Ethereum's next network upgrade, Pectra, set to launch on May 7, expect more exciting developments for the world's second-largest cryptocurrency. Stay tuned for more updates!
Enrichment Data:- Ethereum ETFs experienced a significant resurgence in institutional inflows, marking a notable shift in market sentiment. During the week of April 21–25, there were $157.09 million in net inflows, following eight consecutive weeks of outflows exceeding $700 million.- Ether whale accumulation has surged 2,682% over the past week, signaling aggressive accumulation by addresses controlling over 0.1% of the circulating supply.- ETH briefly reclaimed the $1,800 resistance due to technical indicators like RSI (62) and a bullish MACD crossover. This price increase had positive spillover effects on AI-related tokens like RNDR (+3.2%).
- The positive net inflow of Ethereum ETFs after eight weeks of outflows, as reported by Glassnode, suggests a renewed institutional interest in Ethereum.
- Last week, Bitcoin led cryptocurrency trading with a net inflow of $3.18 billion, followed by Ethereum's inflow of $183 million.
- In late April, Bitcoin and Ethereum ETFs collectively pulled in $380 million and $104 million, respectively, indicative of a significant resurgence in market interest.
- Large Ethereum holders have seen a 2,682% surge in net flow over the past week, signaling aggressive accumulation by major investors.
- ETH briefly reclaimed the $1,800 resistance due to technical indicators like RSI (62) and a bullish MACD crossover, and this price increase had positive spillover effects on AI-related tokens like RNDR (+3.2%).
- With the upcoming Ethereum network upgrade, Pectra, set to launch on May 7, there is anticipation for more exciting developments for Ethereum in the near future, contributing to its sustainable growth in the finance sector, driven by technology.
