Amid significant inflows from BlackRock, Ethereum (ETH) is showing substantial price growth following a prolonged period of fluctuations.
Market Positioning of Ethereum (ETH)
Ethereum's price broke out of its range-bound performance due to a significant rally observed this week. According to Farside, BlackRock acquired over $300 million worth of ETH on Thursday, nearly double the amount injected into the cryptocurrency the day before. Total ETF inflows into ETH on Thursday amounted to $382.1 million.
Ethereum (ETH) Short Liquidation
ETH short liquidations surged past $215 million in the last 24 hours, marking the highest daily number of shorts wiped out in the past 8 weeks. This situation indicates a large number of traders anticipating a retracement, especially after the prolonged sideways price action since early May. There is a possibility of a short squeeze scenario that may further contribute to the bullish momentum.
Expert Opinions on Ethereum and Solana
Tom Lee, chairman of Bitmain's board, suggested that Ethereum is superior to Solana, citing strong institutional adoption as a driver for growth. He mentioned that key sectors of traditional finance could fuel significant Ethereum growth, including JPMorgan's new stablecoin and the deployment of tokenized real assets.
Strong institutional inflows, rising short liquidations, and favorable expert opinions create conditions for further growth of Ethereum while its main competitors remain under pressure.
