Ether has struggled to gain upward momentum, dropping nearly 2% to hover around $3,460, even as spot Ethereum ETFs debuted strongly.
This contrasts with the robust trading activity of these new investment vehicles on their first day. However, whale accumulation is rising, with large holders amassing 112.9k ETH, worth nearly $390 million, on July 23rd, indicating strong belief in Ether’s long-term value.
This accumulation surpasses the $106 million net inflows into spot Ethereum ETFs during the same period.
BlackRock’s ETHA fund led with $266.5 million in inflows, followed by Bitwise ETHW spot ETF with $204 million, and Fidelity’s FETH fund with $71 million. Richard Teng, CEO of Binance, expects steady but fluctuating capital deployment into these ETFs, with the potential for exponential growth due to institutional involvement.
He noted the positive reception of spot Bitcoin ETFs but is uncertain if Ethereum ETFs will see the same enthusiasm, though he expects their launch to be bullish for the digital asset industry.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
