Over the weekend, Ethereum experienced a notable rebound, surpassing the $3,200 mark and showcasing significant network expansion.
A staggering 196.71K new addresses were generated on the Ethereum network on May 4, 2024, marking the largest single-day surge in address creation since October 8, 2022.
📈 #Ethereum rebounded back above $3,200 this weekend, and saw massive network growth. 196.71K new addresses were created on the $ETH network on May 4, 2024, the largest single day of growth since October 8, 2022. This should be viewed as a #bullish sign. https://t.co/l9iFVWCJpE pic.twitter.com/MlHQTvKKN0
— Santiment (@santimentfeed) May 6, 2024
Despite the current price dipping below $3,100, the influx of new addresses signals optimism among investors and is interpreted as a positive indicator for Ethereum’s future trajectory.
Meanwhile, Coinshares reported that digital asset investment products faced outflows for the fourth consecutive week, totaling $251 million, with $156 million in outflows recorded last week.
However, Ethereum bucked this trend, breaking a seven-week streak of outflows by recording an inflow of $30 million in the previous week. This influx of capital into Ethereum investment products underscores renewed interest and confidence in the cryptocurrency.
According to Coinshares, digital asset investment products saw outflows for the fourth consecutive week, with a total outflow of $251 million, and $156 million outflows last week. Ethereum broke a seven-week streak of outflows, with an inflow of $30 million last week.…
— Wu Blockchain (@WuBlockchain) May 7, 2024
Ethereum ETF Regulatory Outlook To Monitor
On the regulatory front, the U.S. Securities and Exchange Commission (SEC) has delayed its decision regarding the next steps for the Invesco Galaxy Ethereum SPOT ETF. The new deadline for this decision is now set for July 5, 2024.
This postponement follows a series of deadline extensions for other spot Ethereum ETF proposals, including those from Grayscale, Franklin Templeton, VanEck, and BlackRock. The SEC’s cautious approach to approving these ETFs reflects the regulatory scrutiny surrounding cryptocurrency investment vehicles.
The SEC has postponed its decision on next steps for Invesco Galaxy’s Ethereum SPOT ETF, with the next deadline set for July 5, 2024. Over the past few weeks, the SEC has also pushed back deadlines for other spot Ethereum ETF proposals, including Grayscale, Franklin Templeton,…
— Wu Blockchain (@WuBlockchain) May 7, 2024
Amid market volatility and regulatory developments, Ethereum’s resilience and network growth stand out as key indicators of its enduring appeal and potential for long-term growth.
As the cryptocurrency landscape continues to evolve, market participants closely monitor these developments for insights into Ethereum’s future trajectory and its impact on the broader digital asset market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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