ETH Roars Toward Record as BlackRock Drives $640M Inflow: CryptoQuant Urges Caution
Main Idea
Ethereum (ETH) is experiencing significant price growth and institutional interest, driven by record inflows into spot ETFs and strong trading volumes, though early signs of profit-taking suggest potential short-term volatility.
Key Points
1. ETH's price reached $4,781.24, nearing its all-time high, with the ETH/BTC ratio crossing above its 365-day moving average.
2. U.S. spot Ethereum ETFs saw $1 billion in inflows in a single session, with BlackRock’s ETHA fund contributing $640 million and Fidelity’s FETH adding $277 million.
3. ETH's spot trading volume surpassed Bitcoin’s, reaching a ratio of 1.66 last week—the highest since June 2017.
4. Daily ETH inflows into exchanges have increased, historically a sign of potential short-term price corrections.
5. Market sentiment remains positive, but CryptoQuant warns of cyclical market behavior possibly affecting ETH's upward trajectory.
Description
Ethereum is edging toward a new all-time high, with market activity showing a decisive tilt toward the second-largest cryptocurrency by market capitalization. According to a CryptoQuant research note, the price of ETH hit $4,781.24 today—its highest level since November 2021 and just shy of its record peak. ETH is breaking out vs BTC. The ETH/BTC price ratio just crossed above its 365-day moving average. A level that’s historically marked the start of bullish ETH cycles. pic.twitter.com/qyLDDK9X...
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