In the last 17 days, institutional investors have significantly contributed to Ethereum ETFs, spurring interest in associated tokens.
Investments in Ethereum ETFs
Ethereum ETFs in the U.S. have attracted nearly $5.2 billion in new capital during the past 17 trading sessions. Even on the slowest day, 17,549 ETH was purchased, considerably exceeding the network's daily issuance of about 2,571 ETH. BlackRock's ETHA fund recorded a $132 million inflow in a single day, reflecting strong demand amid small outflows from competitors like Fidelity's FETH.
Pressure on AAVE from Capital Outflows
Despite the bullish signals around Ethereum ETFs, not all Ethereum-based assets are soaring. Major crypto whales withdrew $1.7 billion worth of ETH from AAVE, which has decreased liquidity on the platform and raised borrowing rates. Nonetheless, analysts see potential for a rebound. AAVE is currently trading around $289, and a dip to $270 could act as a reload zone.
Remittix: A New Player with Real Utility
The Remittix project has raised over $17.6 million by selling more than 573 million tokens, focusing on making cross-border payments seamless. With its mobile wallet beta launching on September 15, Remittix plans to enable users to send crypto to real bank accounts in over 30 countries.
The growth of Ethereum ETFs is notably bullish for ETH itself, but it also raises questions about whether this inflow will positively affect other Ethereum-based projects such as AAVE and Remittix.
