Ethereum (ETH) continues to show strong results and approaches its all-time high amid increased purchases by large investors and rising interest in ETFs.
Ethereum Price and Market Dynamics
Currently, Ethereum is trading above $4675, which is less than 6% from its all-time high of $4891. Over the last 24 hours, the price has risen by 6.62%. During the Asian trading session, ETH reached a daily high of $4734.45, with trading volume surging by 25% to exceed $61.58 billion.
Increasing Demand for Ethereum ETFs
Spot ETFs for Ethereum are seeing record inflows, reaching $1.02 billion just two days ago. BlackRock's ETHA fund attracted about $640 million, while Fidelity's FETH garnered $277 million. Total ETF inflows in the past week have reached over $2.3 billion. Funds now hold about $27.6 billion worth of ETH, representing 4.77% of Ethereum's market cap. Nate Geraci, president of The ETF Store, noted significant shifts in the demand for spot ETH ETFs compared to Bitcoin.
Impact of New Legislation on Ethereum
This month, ETH price is up more than 40%. One of the contributing factors to this growth is the passing of the GENIUS Act in the US, which sets clearer rules for stablecoins. As many leading stablecoins operate on the Ethereum platform, the new legislation could promote increased network usage. Crypto analyst Michael van de Poppe mentioned that if the current buying trend continues, ETH could test its record high soon.
Ethereum shows consistent growth thanks to support from large investors and increasing interest in investment funds. With new legislative initiatives facilitating network use, the future of ETH looks promising.
