Ethereum is becoming investors’ favorite as the merge closes in.
Ethereum has recorded inflows totaling $16m in the past week. It is currently on a nearly seven consecutive week run of inflows totaling $159m, according to data shared by CoinShares.
CoinShares shared ‘This week’s Digital Asset Fund Flows Report’ revealing the Year-to-date inflows.
[4/5] Ethereum saw inflows totalling US$16m and is enjoying a near 7 consecutive week run of inflows totalling US$159m. We believe this turn-around in investor sentiment is due to greater clarity on the timing of The Merge.
— CoinShares ?? (@CoinSharesCo) August 8, 2022
In the report, CoinShares revealed that Bitcoin saw outflows totaling US$8.5m, noting that short-bitcoin investment products saw a record outflow totaling US$7.5m for the second consecutive week. According to the report, this suggests that investors believe bitcoin prices have narrowed down.
Investor’s Sentiment, A Major Factor
The so-called Merge, which will complete Ethereum’s shift from a proof-of-work (PoW) consensus method to a proof-of-stake (PoS) blockchain, will reportedly take place in late September 2022.
Vitalik Buterin, the co-founder of the Ethereum blockchain, previously discussed his expectations for Ethereum in the years following the ‘Merge’ completion.
After the Merge, Buterin confirmed that Ethereum would only be roughly 55% complete, as reported by The Crypto Basic. Also, another breakthrough for Ethereum with this upgrade is the ability to handle transactions faster and cheaper.
The Ethereum network is poised to handle over 100k Transactions per second after the Merge. Furthermore, Ethereum is anticipated to become 99% more environmentally friendly and energy efficient than it is at the moment due to the PoS system.
This is currently the most anticipated upgrade in the Crypto and Blockchain Industry, and many investors have shown positive sentiment toward the asset ahead of the upgrade.
According to CoinShares, the recent inflows witnessed on the Ethereum blockchain are linked to the upcoming Merge Upgrade, influencing many investors’ sentiment toward the asset. This has also unavoidably influenced the price of ETH.
Ethereum Price Action
The current Ethereum price is at $1,796.73 with a 24-hour trading volume of $15,044,489,436 as recorded on CoinMarketCap. Ethereum is up 5.49% in the last 24 hours, with a current market cap of $218,987,822,422.
Ethereum recorded a low level at $896.11 on June 18th, 2022. Ever since then, Ethereum has recorded over a 47% increase in the last 30 days after hitting $1,806.89 today.
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Source: https://thecryptobasic.com/2022/08/08/coinshares-reports-ethereum-records-seven-consecutive-weekly-inflows-totaling-159m/?utm_source=rss&utm_medium=rss&utm_campaign=coinshares-reports-ethereum-records-seven-consecutive-weekly-inflows-totaling-159m