Spot Ethereum ETH ETF volume surpasses $3.1 billion today.
BlackRock leads the charge with over $2.1 billion.
ETH moves closer to its cycle high prices.
The price of ETH inches closer to its previous ATH price of $4,800 set last bull cycle. As the price of ETH steadily increases, traders, investors, and analysts grow excited to see the price of ETH hit a new ATH soon. Amidst this hype, spot Ethereum ETH ETF volume surpasses $3.1 billion today, showing that financial institutional accumulation for ETH has indeed been a most promising move.
Spot Ethereum ETF Volume Surpasses $3.1 Billion Today
This bull cycle has been a unique one as it surpassed the previous bull cycle in terms of interest from financial institutions. Last bull cycle, it was mostly just Michael Saylor’s Strategy, then known as MicroStrategy, that was heavily accumulating BTC alongside El Salvador, led by the Presidential leadership of Nayib Bukele. Their BTC accumulation brought in significant gains after their purchase, igniting global interest from financial institutions to enter the crypto accumulation race.
However, this bull cycle brought in more than the usual BTC accumulation. With the introduction of spot ETFs for both Bitcoin (BTC) and Ethereum (ETH), several reputed financial institutions began to accumulate both BTC and ETH. In fact, the largest asset manager in the world, BlackRock, began to accumulate more ETH over BTC, showing great promise for the price of ETH to pump and hit greater ATH prices this bull cycle.
https://twitter.com/WatcherGuru/status/1947398535256650022
As we can see from the post above, spot Ethereum ETH ETF volume surpassed $3.1 billion today. Of which the proportions are as follows - BlackRock: $2,157,790,801, Grayscale: $335,688,548, Grayscale Mini: $298,709,957, Fidelity: $257,316,182, Bitwise: $36,787,841, 21Shares: $16,177,354, VanEck: $12,958,008, Franklin: $10,622,442, Invesco: $4,085,283. To no one’s surprise, BlackRock is leading the charge.
ETH Moves Closer to Its Cycle Highs
https://twitter.com/DaanCrypto/status/1947242128360267843
Meanwhile, analysts grow more eager than ever to see ETH hit new ATH prices soon. Presently, ETH price is moving closer to its cycle highs, and the current Daily RSI is the highest it has been this cycle. This does not mean an immediate reversal has to occur, as it can remain overheated for some time. Additionally, RSI can even go down as the price makes new highs (divergence).
The analyst concludes that it is good to be aware of when some of these indicators start flashing these signals. The analyst says this can be a reason to be more wary of long entries and instead be a bit more patient and wait for a cooldown or flush of leverage first. Finally, he states that sometimes, just a week of consolidation can already do the trick to partially reset a lot of these metrics.
