On-chain data shows Ethereum has registered record cash inflows from institutional investors led by BlackRock’s ETHA.
The ETH/BTC pair has signaled a market reversal amid the anticipated capitulation of the macro Bitcoin dominance.
ETH price has consistently held above a crucial support level around $2,500 in the recent past.
Ethereum (ETH) has gradually gained bullish ground over Bitcoin (BTC) in the recent past amid an anticipated crypto constructive breakout. On-chain data analysis shows institutional investors have been increasing their Ether position, with some – led by Bit Digital – ditching Bitcoin to get Ethereum’s exposure.
According to on-chain data analysis provided by Santiment, Ether accounts with a balance of between 10k and 100k ETH coins added more than 200k coins over the past weekend, thus currently holding about 26.88 million coins. Consequently, the overall supply of Ether on centralized exchanges has exponentially declined to a multi year low of about 18 million coins.
Major Reasons Why Investors Are Focused on Ethereum
The Ethereum network remains unrivaled in the development of decentralized financial (DeFi) protocols and toke…
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