Spot Ethereum ETFs have surpassed $1 billion in net inflows, showing consistent institutional investor demand despite short-term volatility.
The Ethereum network is experiencing a surge in growth, adding up to 1 million new wallet addresses each week in June.
The ETH price is defending key support near $2,400, and a breakout above $2,576 could open the path to $3,000.
Ethereum continues to gain traction with institutional investors as U.S.-based spot ETH exchange-traded funds have now surpassed $1 billion in net inflows. This milestone was achieved in mid-June, with June 18 alone recording $19.10 million in new investments. The consistent inflows over several days followed a brief $2.18 million outflow on June 13.
While overall sentiment remains positive, short-term volatility persists. On June 20, the funds saw a total net outflow of $11.2 million. Notably, BlackRock’s ETF posted a $19.7 million outflow, its first since early May. Despite this, Grayscale’s ETHE recorded an inflow of $6.6 million, and VanEck’s offering brought in $1.8 million on the same day.
Wallet Creation Surges to Nearly 1 Million Weekly
The data on the chain display that Ethereum has a network that is growing very fast. According to recent indicators suggested by Santiment, the blockchain is recording an average of 800,000 to 1 million new wallet addresses every week. The number shows a significant rise over those in the previous year, where the weekly growth rate stood somewhere between 560,000 and 670,000.
The growth of wallet generation indicates a higher usage and influx of usage. The surge in addresses, as well as ETF demand, contributes to the increased belief in the well-being of the Ethereum network and its scalability in the future.
ETH has a Major Technical Support level of 2,400
Ethereum has just of late been tested at a support level of circa 2400 that analysts have termed as a liquidity pocket. The area has traditionally acted as a turning point in prices. As identified by the market analyst Michaël van de Poppe, the action is similar to the prior Ethereum trends that would propel the prices up.
The 2,576-dollar mark has also seen the price experience some resistance several times. The rejection made continuously is interpreted as momentum by the analysts. If this level is broken, it would open up the way to the short-term move into the zone between $2,800 and $3,000.
The future of Ethereum is still backed by some strengthening aspects. A course of positive movement is recorded by the retained institutional supply, the heavier on-chain activity, and the technical good health. Assuming the current trend, Ethereum might be gearing up to make an important stride to the $3,000 mark.
The post Ethereum Nears $3,000 as Spot ETFs Surpass $1B and Wallet Growth Accelerates appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
