The sky-high demand on Wall Street continues to drive ETH ETF inflows: what does this mean for Ethereum price predictions?
Ethereum's price dropped 4% today to $4,562 as the broader cryptocurrency market fell 3%—although Ethereum's price forecast remains firmly bullish in the medium to long term.
Despite this loss, ETH is still up 7% over the week, 21% over the past month, and has a 65% increase over the year.
Its bullish monthly performance coincides with Ethereum ETF inflows significantly exceeding BTC ETF inflows, with ETH funds attracting $2.8 billion in net inflows so far in August.
This is a very encouraging performance, and when combined with the enviable fundamentals of altcoins, it suggests that Ethereum may flip Bitcoin in the long term.
Ethereum price prediction: ETH ETFs dominate Wall Street at a faster rate than Bitcoin—can ETH surpass Bitcoin?
Summer is undoubtedly the season for Ethereum, as evidenced most clearly in ETF fund inflows.
Nate Geraci, president of NovaDius Wealth Management, made this clear in a tweet over the weekend, noting that since early July, Ethereum ETF inflows have currently reached $8.2 billion.
In contrast, Bitcoin ETF inflows during the same period were $4.8 billion, while BTC funds saw outflows of $1.2 billion in August.
Clearly, institutions have been focusing on Ethereum over the past few months, capitalizing on the fact that altcoins have been struggling to reach their ATH at that time.
That is to say, given that Ethereum's price set a historical high of $4,954 yesterday, the influx of institutional capital has now undergone a significant change.
Thereafter, as investors took profits, it fell by 7%, but it can certainly be said that the medium to long-term momentum is on its side.
If we look at its chart today, we find that its momentum has significantly declined, with indicators dropping due to overbought positions.
For example, its Relative Strength Index (yellow) has dropped from over 70 points a week ago to below 60 today, and may decline further before we see a rebound.
In other words, we may see further declines in Ethereum in the short term, although the long-term outlook still appears very bullish.
After falling close to $4,000, we expect Ethereum's price to break through $5,000 in September, then approach $10,000 by the end of the year.
The layer two network Bitcoin Hyper has raised $11.9 million and is preparing to launch.
If some traders are concerned that Ethereum is entering overbought territory, they may wish to diversify into newer altcoins.
This includes not only the altcoins that have recently started to sweep the market but also tokens that have yet to be launched.
One of the most exciting new altcoins on the market right now is Bitcoin Hyper (HYPER), a new layer two project.
tcoin Hyper has raised $11.9 million during its ongoing presale, making it one of the most successful ICOs of the year.
The reason for its success is that it is launching an L2 network for Bitcoin, aimed at leveraging Bitcoin's enormous value for DeFi purposes.
As an L2, it will use Solana's Virtual Machine (SVM) and zero-knowledge proofs, giving it advanced speed and security.
It will make the use of Bitcoin cheaper and faster, allowing BTC holders to deposit BTC into Bitcoin Hyper's smart contracts and receive an equivalent amount of HYPER for use.
HYPER has a maximum supply of 21 billion tokens, and holders can stake them for passive income in addition to trading on the growing DeFi application ecosystem on L2.
Investors can participate in its presale and immediately access the Bitcoin Hyper website to purchase some.
HYPER is currently priced at $0.012795, although this price will continue to rise during the sale.
