Ethereum ETF Inflows Bounce Back As ETH Eyes $3200 Next
Ethereum ETF inflows have surged once again as ETH price continues to show strong momentum with another 9% gains in the last 24 hours.
Additionally, Ethereum institutional participation has been on the rise once again with Abraxas Capital purchasing over $500 million worth of ETH in a week, showing potential for massive gains ahead.
Market analysts predict a minimum of another 20% gains to $3,200, and further beyond to $4,000.
Inflows into spot Ether ETF have once again seen an uptick, with a total of $13.5 million incoming on Tuesday.
As per data from Farside Investors, Grayscale’s mini-Ether ETF saw the most inflows at $7.4 million, while VanEck’s ETHV saw net inflows of $3.0 million, and Franlink’s EZET contributed $3.1 million in inflows.
Last week, asset manager BlackRock submitted an amendment for its spot Ethereum ETF, proposing an in-kind creation and redemption process.
This move follows a meeting with the SEC’s Crypto Task Force and signals growing institutional interest in Ethereum.
If approved, the amendment will enable authorized participants to exchange Ethereum (ETH) directly for ETF shares during the creation and redemption process.
This will allow an easy flow of capital between ETH and its respective ETFs.
Over the last week, institutional inflows into Ethereum, led by Abraxas Capital, have shot up significantly.
On-chain data from Arkham Intelligence shows that the firm borrowed USDT to increase its Ethereum (ETH) holdings yesterday, when ETH price was trading around $2,460. Since then, the asset has surged 10%, moving to $2,700 level.