Ethereum ETFs Just Bought 7x More ETH Than Was Issued on ‘Slow Day’
Main Idea
Spot Ether ETFs in the U.S. are accumulating ETH at a rate significantly higher than the network's daily production, with inflows continuing despite a recent slowdown, while analysts remain bullish on Ethereum's price potential.
Key Points
1. Spot Ether ETFs bought 17,549 ETH ($65.2 million) on Monday, seven times more than the daily production of 2,571 ETH ($9.7 million).
2. BlackRock’s iShares Ethereum Trust (ETHA) saw a $132 million inflow, while Fidelity’s FETH had a $49.2 million outflow, according to Farside Investors.
3. Spot Ethereum ETFs have seen 17 consecutive days of inflows totaling nearly $5.2 billion, with no outflows since July 2.
4. Ethereum's annual issuance rate is 0.12%, lower than Bitcoin's 1.34%, but both are being accumulated rapidly by ETFs and corporations.
5. Analysts predict Ethereum could reach $4,700 in the short term, with potential for further gains in August, historically a bullish month for ETH.
Description
Spot Ether exchange-traded funds in the United States bought seven times more ETH than the network produced on Monday. The total aggregate inflow, while lower than previous days, was $65.2 million, or 17,549 ETH. This is the lowest for three weeks, yet still higher than the daily production figure of 2,571 ETH, or around $9.7 million. “Even on slow days, the ETH ETFs are gobbling up all of the supply,” said industry educator Anthony Sassano. Net new ETH issuance today: ~2,571 ETH ($9.7 million)....
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