Crypto News

Ethereum Gains Momentum: $1.2 Billion Inflows And Growing Network Activity

The digital asset market is abuzz with excitement as investment products saw a staggering $1.2 billion in inflows for the third consecutive week.

Bitcoin led the charge with $1 billion, while Ethereum broke its five-week slump with $87 million in inflows.

Ethereum’s resurgence is fueled by growing network activity and impressive price performance. Notably, ETH hit $45 million in weekly fees, its highest since June 10, 2024.

Insider Moves:

Vitalik Buterin’s associated wallet “0x556” deposited 649 ETH ($1.72 million) into Paxos, following a 1,300 ETH ($3.21 million) transfer from wallet “0xd04” on September 19.

The Ethereum Foundation has been actively selling ETH, unloading 100 ETH for 262,474 DAI via CoWSwap just minutes ago. This brings their 2024 total to 3,766 ETH sold for 10.46 million DAI.

ETF Flows

– Ethereum spot ETFs: $84.51 million net inflow (September 23-27)
– Blackrock ETF ETHA: $94.95 million inflow
– Fidelity ETF FETH: $64.91 million inflow
– Grayscale ETF ETHE: $127 million outflow

As Ethereum’s momentum builds, investors are taking notice:

– Growing network activity.
– Impressive price performance.
– Increased institutional investment.

Will Ethereum continue its upward trajectory? Keep a close eye on these key metrics.

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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Image Source: nexusplexus/123RF // Image Effects by Colorcinch

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