Ethereum shows significant growth among institutional investors and users. Surpassing $1 billion in ETFs and the influx of new wallets set this cryptocurrency apart.
Ethereum's Position in the ETF Market
U.S.-based spot Ethereum ETFs have now surpassed $1 billion in net inflows, indicating consistent demand from institutional investors. This milestone was reached in mid-June, with June 18 alone recording $19.10 million in new investments. Despite short-term volatility, inflows remain consistent. However, on June 20, a total outflow of $11.2 million occurred, with BlackRock's ETF also experiencing significant redemptions.
Increase in Wallet Creation
According to Santiment, the Ethereum network is experiencing rapid growth, with an average of 800,000 to 1 million new wallet addresses being created weekly. This is a significant rise compared to last year, which saw weekly growth ranging from 560,000 to 670,000. The surge in addresses reflects increased interest and utilization of the platform.
Technical Indicators of ETH
Ethereum's price is currently testing a significant support level around $2,400, considered a liquidity pocket. Analyst Michaël van de Poppe notes that breaking the $2,576 level could open the path to a short-term move between $2,800 and $3,000. Positive signs of momentum, driven by retained institutional supply and heavier on-chain activity, support hopes for further growth.
Ethereum demonstrates positive momentum with the growth of commercial ETFs and the increasing number of wallets. Sustained interest from institutional investors and favorable technical indicators may further support the cryptocurrency's ascent.
