$907 mln inflows for Ethereum ETF: What about ETH’s price?
Is the market about to flip bullish or is a supply crunch closer than we think?
Key Takeaways
Despite $907M ETF inflows and $2B+ for BTC, Ethereum’s price action stalled. Is the disconnect between ETF inflows and ETH just a temporary calm?
Spot Bitcoin [BTC] ETFs have long dominated headlines with their record-breaking inflows, but this time, it’s Ethereum [ETH]’s turn in the spotlight.
Ethereum ETF makes news
Over the past week, Spot Ethereum ETFs attracted a staggering $907.99 million in inflows — a historic milestone.
Notably, the 10th of July saw the highest single-day inflows, with $383.10 million pouring in, according to SoSo Value.
In fact, this past week marked the strongest performance for ETH ETF funds since their market debut on the 23rd of July 2024.
Meanwhile, Bitcoin ETFs continued their massive inflows, recording $1 billion in inflows between the 10th and 11th of July, per Farside Investors.
This marked a two-day $2.21 billion streak — the biggest for BTC Spot ETFs since their January 2024 launch.
Together, these numbers highlight that Ethereum is beginning to match Bitcoin’s momentum and establish itself as a strong force among institutional investors.
Community reacts
Remarking on the same, Anthony Sassano, host of “The Daily Gwei Refuel” podcast, noted,
“The Ethereum network produces ~2,200 net new ETH per day. Yesterday, ETFs bought 138,000 ETH.”
Additionally, praising Bitcoin ETFs’ record-breaking inflows, ETF Store President, Nate Geraci, also added,
“Another $1+bil into spot bitcoin ETFs…*$2.7bil* for the week. Since Jan 2024 launch, there have been 7 days of inflows > $1bil. 2 of those are in past 2 days.”
The market reaction? Widespread bullish sentiment — on paper, at least.
But why is price action not moving up?
While the ETF market has been on an upward trajectory, prompting optimistic community reactions, the price action of each coin wasn’t as promising.
For instance, at press time, Bitcoin was trading at $117,948.54 after a drop of 0.60% in the past 24 hours, whereas Ethereum was trading at $2,961.45 after a drop of 0.37% in the same period as per CoinMarketCap.
The recent dip in crypto prices could be tied to the broader market’s ongoing downtrend. However, technical indicators paint a different picture.
With the Relative Strength Index (RSI) for both Bitcoin and Ethereum sitting above the neutral 50 mark, bullish momentum still appears to be in play.
This suggests that despite short-term volatility, buying pressure remains strong, indicating the recent pullback may be temporary rather than a signal of a longer correction.
What lies ahead for BTC and ETH?
In fact, AMBCrypto’s recent forecasts and market data also indicated that both Ethereum and Bitcoin could be on track to reach new all-time highs.
Analyst Ken Teng, also known as Chicken Genius, recently expressed confidence that ETH could climb to $4,000 in the near future.
Meanwhile, analytics firm Ecoinometrics suggested that continued strong demand for ETFs might propel BTC to $119,000, based on insights from its proprietary model.
