Ethereum Gains Momentum: $1.2 Billion Inflows And Growing Network Activity

The digital asset market is abuzz with excitement as investment products saw a staggering $1.2 billion in inflows for the third consecutive week.

Bitcoin led the charge with $1 billion, while Ethereum broke its five-week slump with $87 million in inflows.

According to CoinShares, digital asset investment products saw a total inflow of $1.2 billion for the third consecutive week last week, in response to expectations of continued dovish monetary policy in the United States. Bitcoin saw inflows of $1 billion, and Ethereum broke its…

— Wu Blockchain (@WuBlockchain) September 30, 2024

Ethereum’s resurgence is fueled by growing network activity and impressive price performance. Notably, ETH hit $45 million in weekly fees, its highest since June 10, 2024.

ETH hit $45M in weekly fees, the highest since June 10, 2024. While Bitcoin’s ‘digital gold’ narrative captures more attention in traditional finance, Ether’s growing network activity and price performance continue to impress. pic.twitter.com/tPaegfV6QJ

— IntoTheBlock (@intotheblock) September 29, 2024

Insider Moves:

Vitalik Buterin’s associated wallet “0x556” deposited 649 ETH ($1.72 million) into Paxos, following a 1,300 ETH ($3.21 million) transfer from wallet “0xd04” on September 19.

The Ethereum Foundation sold another 100 $ETH for 262,474 $DAI about 10 minutes ago!

So far in 2024, the Ethereum Foundation has directly sold 3,766 $ETH for 10.46M $DAI via #CoWSwap at an average price of $2,777. Notably, 1,250 $ETH ($3.06M) has been sold in September alone.… https://t.co/OFQiC42V4t pic.twitter.com/PBgaBxZtjr

— Spot On Chain (@spotonchain) September 30, 2024

The Ethereum Foundation has been actively selling ETH, unloading 100 ETH for 262,474 DAI via CoWSwap just minutes ago. This brings their 2024 total to 3,766 ETH sold for 10.46 million DAI.

ETF Flows

– Ethereum spot ETFs: $84.51 million net inflow (September 23-27)
– Blackrock ETF ETHA: $94.95 million inflow
– Fidelity ETF FETH: $64.91 million inflow
– Grayscale ETF ETHE: $127 million outflow

Last week (September 23 to September 27), Ethereum spot ETFs had a net inflow of $84.51m. Grayscale ETF ETHE had an outflow of $127m. Blackrock ETF ETHA had an inflow of $94.95m, and Fidelity ETF FETH had an inflow of $64.91m. https://t.co/Tvs2oCSxTg

— Wu Blockchain (@WuBlockchain) September 30, 2024

As Ethereum’s momentum builds, investors are taking notice:

– Growing network activity.
– Impressive price performance.
– Increased institutional investment.

Will Ethereum continue its upward trajectory? Keep a close eye on these key metrics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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