Recent data shows a significant increase in interest for Ethereum (ETH) from institutional investors in the US. Notably, BlackRock has purchased more ETH than Bitcoin, signaling a market trend.
Coinbase Premium Indicates Growing Interest in Ethereum
A new premium on Ethereum prices has emerged on Coinbase, indicating heightened demand from large US buyers. Data from CryptoQuant suggest that this increase is due to institutional buyers ramping up their purchases. Furthermore, daily inflows into Ethereum spot ETFs are at record highs, confirming that investors are actively adding ETH to their portfolios.
BlackRock Buys More Ethereum than Bitcoin
BlackRock has notably increased its purchases of Ethereum, acquiring over $547 million worth of ETH, which is $50 million more than recent Bitcoin purchases of $497 million. This indicates that BlackRock is buying Ethereum more than five times relative to Bitcoin. Additionally, Nasdaq has filed a request with the SEC to update the iShares Ethereum Trust for staking purposes.
Current ETH Price and Market Data
As of the writing, Ethereum's price stands at $3,594, showing a 4.81% gain in the last 24 hours. It remains the second-largest cryptocurrency by market cap at $436.91 billion. Daily trading volume has reached $62.03 billion, reflecting strong interest in ETH from traders and investors.
The increase in institutional interest and innovations like staking features in ETFs create bullish indicators for Ethereum. If current trends continue, ETH is poised to confidently move towards the $4,000 mark.
