Ethereum [ETH] has set a new record for inflows in 2024, reaching an impressive $2.2 billion year-to-date, surpassing its previous record set in 2021. This surge in inflows, totaling $634 million, reflects a significant boost in investor confidence and overall market sentiment towards the digital currency.
The strong performance of Ethereum ETFs has been a key driver behind the recent surge in institutional interest in Ethereum. These ETFs have become a preferred investment vehicle for many investors, offering exposure to ETH without direct ownership of the digital currency itself.
The growing institutional interest in Ethereum is evident as large sums of capital continue to flow into Ethereum-based investment products. Despite some market volatility, the overall trend for Ethereum remains bullish, with the increased institutional backing providing a solid foundation for future growth.
These developments have coincided with a broader increase in inflows into crypto ETPs, with Ethereum leading the way alongside Bitcoin. In the past week alone, Ethereum experienced a significant influx of $4.81 billion, leading to a notable increase in its total value locked (TVL).
The combined TVL of Ethereum’s Layer-2 networks has reached a record $51.5 billion, marking a 205% surge over the year. Additionally, Base’s TVL rose by $302.02 million, reflecting heightened activity and scalability improvements within the Ethereum ecosystem.
The record growth in DeFi TVL has not only revisited the highs of November 2021 but has also seen diversification with increased liquid staking options, Bitcoin DeFi integrations, and enhanced contributions from Solana and other Layer-2 networks.
Furthermore, Ethereum’s spot ETFs reported a substantial net inflow of $24.23 million, marking six consecutive days of positive inflow. BlackRock’s ETHA ETF saw a single-day inflow of $55.92 million, while Fidelity’s FETH ETF showed strong performance with a net inflow of $19.90 million. The total net asset value of ETH spot ETFs has reached $11.13 billion, highlighting sustained and growing interest in Ethereum as a significant asset in the digital currency space.
The price action of Ethereum suggests that the digital currency could potentially hit $10,000 in the midterm if chain activities continue to thrive. The chart on a 3-day timeframe shows a breakout from a consolidation triangle and a sharp surge, indicating a bullish trend for Ethereum.
Overall, the uptrend in Ethereum’s price, reaching slightly past $3600, suggests strong buyer interest and solid market sentiment. These factors combined could set a new stage for Ethereum’s growth and potentially push the digital currency to new heights in the coming months. The world of fashion is constantly evolving, with new trends emerging every season. One of the latest trends to take the fashion world by storm is sustainable fashion. This movement focuses on creating clothing and accessories that have a minimal impact on the environment and are produced ethically.
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