Ethereum

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<ul> 
 <li aria-level="1">Ethereum ETFs registered $84.6 million in weekly inflows, the highest since early August, signaling renewed investor interest.</li> 
 <li aria-level="1">BlackRock’s ETHA and Fidelity’s FETH drove the inflow, with ETHA’s assets surpassing $1 billion shortly after launching.</li> 
</ul> 
Ethereum ETFs observed a weekly inflow of $84.6 million, marking a significant uptick and the highest since the beginning of August. 
This boost in inflows suggests a renewed investor interest in Ethereum, although these funds still substantially trail behind Bitcoin ETFs, which captured $1.11 billion in the same period. 
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 <img decoding="async" class="size-full wp-image-96579" src="https://www.ethnews.com/wp-content/uploads/2024/10/soso-value-eth.png" alt="soso-value-eth" width="1726" height="577">
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 Source: SosoValue
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The increase in Ethereum inflows ended a streak of six weeks of outflows, with substantial contributions from <a href="https://www.ethnews.com/blackrocks-ethereum-etf-waits-for-sec-hold-on-a-minute-lets-think-this-through/">BlackRock’s ETHA</a> and <a href="https://www.ethnews.com/blackrock-and-fidelity-are-hoarding-bitcoin-could-they-control-the-future-of-crypto/">Fidelity’s FETH</a>, injecting $95.5 million and $64.8 million, respectively. Notably, ETHA’s total assets under management crossed the $1 billion threshold, ranking it within the top 20% of U.S. ETFs shortly after its introduction. 
Bitcoin ETFs continue to dominate the sector, benefiting from an earlier launch that provided a first-mover advantage and attracting significantly higher investment volumes. Following Ethereum ETFs’ introduction, these funds saw about $500 million in net outflows, whereas <a href="https://www.ethnews.com/sec-approves-nasdaq-options-for-blackrocks-bitcoin-etf-paving-the-way-for-institutional-investment/">Bitcoin ETFs</a> have recorded over $5 billion in net inflows. 
The preference for Bitcoin over Ethereum in the ETF market is partly due to Bitcoin’s larger share of the overall cryptocurrency market capitalization—over 50%, compared to Ethereum’s 14%. This disparity influences investor behavior, favoring the more liquid and widely held Bitcoin. 
<figure id="attachment_96583" aria-describedby="caption-attachment-96583" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-96583 size-full" title="ETHUSD_2024-09-30_11-40-06" src="https://www.ethnews.com/wp-content/uploads/2024/10/ETHUSD_2024-09-30_11-40-06-e1727742711762.png" alt="ETHUSD_2024-09-30_11-40-06" width="1491" height="700">
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 Source: Tradingview
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In recent trading sessions, Ethereum’s price has declined, falling below the $2,600 level. Despite this downturn, Ethereum maintains a position above its 50-day moving average, indicating a potential short-term upward trend. 
 The Relative Strength Index (RSI) for Ethereum is currently at 53, suggesting that the asset could sustain its momentum. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Sept 30 Update: 
 10 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs NetFlow: +7,111 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>(+$453.42M)<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e2.png" alt="🟢" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/ARK21Shares?src=hash&amp;ref_src=twsrc%5Etfw">#ARK21Shares</a> inflows 3,085 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($196.71M) and currently holds 50,684 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($3.23B). 
 9 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> ETFs NetFlow: +9,927 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>(+$25.95M)<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e2.png" alt="🟢" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Fidelity?src=hash&amp;ref_src=twsrc%5Etfw">#Fidelity</a> inflows 15,750 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($41.17M) and currently holds 161,500… <a href="https://t.co/nSTZc1WBA7">pic.twitter.com/nSTZc1WBA7</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1840776278347243672?ref_src=twsrc%5Etfw">September 30, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Looking ahead, there is a cautious optimism about Ethereum ETFs, especially given that October has historically been a positive month for the cryptocurrency market. Meanwhile, the Ethereum Foundation has been converting some of its holdings into DAI, a stablecoin, to fund various research and development projects aimed at enhancing the Ethereum network. 
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The current price of Ethereum (ETH) is $2,609.7, up 0.32% over the past 24 hours. Over the past month, it has seen a growth of 3.86%, though over the past six months it has declined by 21.19%. The market cap of Ethereum is approximately $314.12 billion. 
The post <a href="https://www.ethnews.com/ethereums-bullish-signal-etfs-record-highest-inflows-since-august/">Ethereum’s Bullish Signal: ETFs Record Highest Inflows Since August</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Ethereum’s Bullish Signal: ETFs Record Highest Inflows Since August

ETHNews

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