Ethereum's price has shown significant growth this week, reaching $2,832, the highest level since February 4. This rise is attributed to several factors that may contribute to further increases.
Ethereum Fund Inflows
Wall Street investors are actively buying Ethereum funds, signaling potential further upside. As of June 10, inflows rose by $124.9 million, bringing the total to $3.5 billion since inception. This marks a record streak of 17 consecutive days of inflows. BlackRock's fund has seen $4.97 billion in cumulative inflows and now holds $4.3 billion in assets.
Falling ETH Supply on Exchanges
The supply of Ethereum on centralized exchanges continues to decline. Currently, there are 7.52 million ETH on exchanges, down from the year-to-date high of 10.3 million. A significant drop occurred when a wallet, suspected to belong to Consensys, purchased 17,864 ETH worth $49.57 million, now holding over $213 million in assets.
Ethereum's Leadership in DeFi and Stablecoins
Ethereum continues to be a leader in the main sectors of the crypto economy. The volume of blocked funds in Ethereum's decentralized finance has grown by 9.5% over the past 30 days, reaching $143 billion and occupying 62% of the market share. Also, the supply of stable coins on Ethereum has increased to $125 billion. In the tokenized real assets sector, Ethereum remains in the lead, with assets worth $7.4 billion.
Thus, the price increase of Ethereum is driven by active investments, declining exchange supply, and continued dominance in key market sectors. These factors create conditions for further growth and the potential for new price levels.
