💸 Ethereum broke through the $3400 mark amid record inflows into ETFs

The value of the second most capitalized cryptocurrency rose 8.9% overnight to $3452, its highest since mid-January, according to CoinGecko.

The rise in the cryptocurrency's value was fueled by record inflows into spot Ethereum-ETFs. On July 16, net inflows into nine exchange-traded funds totaled $726.74 million, led by BlackRock's ETHA with $499 million.

Since the beginning of July, spot $ETH ETF have raised $2.27 billion, setting a one-month record since launch.

Ethereum is increasingly seen as a long-term institutional asset rather than a speculative instrument. Funds already own 4% of the altcoin's total capitalization, indicating a rapid inflow of capital from major players.
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