Ethereum ETF Inflows Reach $60 Million This Week as ETH Price Hovers
Spot Ethereum ETF inflows are strong, with $60 million recorded this week. The breakdown is as follows:
- BlackRock iShares Ethereum Trust (ETHA): $55 million
- Bitwise ETHW: $5.23 million
Since inception, the BlackRock Ethereum ETF has seen over $5.4 billion in net inflows. The ETHA share price rose from $11 to $21.5 between mid-April and mid-June. Currently, it holds 1,721,058 ETH with net assets of $4.183 billion.
Despite continued inflows, the ETH price remains low at around $2,450, with expectations for a breakout above $2,700. Over 660K ETH has been accumulated by ETFs within the $2,200-$2,800 range.
Analysts suggest that ETH needs to close above $2,500 to trigger an upward rally. Current price action resembles trends before previous bull runs, indicating potential for significant price increases.
- Rekt Capital notes a daily close above $2,500 is necessary for recovery.
- Crypto Patel suggests potential for a parabolic rally, possibly reaching $8,000 if conditions align.