Ethereum
Ethereum ETFs see record $844 mln inflows – Will this boost ETH’s December targets?
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Journalist
- ETH ETFs recorded the largest weekly inflows of $844M.
- Options traders increased bets on $4.5K, $5K, and $6K targets.
Last week, the U.S. spot Ethereum [ETH] ETFs hit their largest weekly inflows since launch. According to SpotOnChain data, the products logged five consecutive days of inflows totaling $844 million.
Over the same period, the highest daily inflows hit $428.5 million, led by BlackRock and Fidelity. The strong flows and demand fueled ETH value to hit $4K for the first time since March 2024.
Source: SpotOnChain
The remarkable performance was a complete turnaround from the products’ lackluster launch in July. How far can the strong inflows boost ETH value?
Options traders eye $5K-$6K
Source: Deribit
Options traders weren’t surprised by the $4K hit last week. They had expected it, with nearly $660M in notional value betting on ETH hitting that level. So, what are they eyeing next?
According to Deribit data, other price targets with high OI (open interest) rates were $4.5K, $5K, and $6K. Significant bets were also placed on the $8K level.
About $374 million was being placed on a $5K target. The $6K and $4.5K saw $353M and $348.5M worth of notional value on call options (bullish bets), respectively.
In short, options traders were confident that ETH would reach $5K and $6K price targets. For December, $4.5K and $5K were reachable, but the $6K milestone was expected from January 2025.
Rising market interest, as shown by a spike in ETH’s active addresses, also supported the options market’s bullish outlook.
Source: CryptoQuant
Since October lows, ETH’s monthly active addresses have increased from below 300K to over 380K as of this writing.
If the bullish market sentiment continues, the increased market interest could increase ETH prices.
Read Ethereum [ETH] Price Prediction 2024-2025
That said, ETH consolidated below $4K at press time. On the price charts, the next key Fib levels marched the options traders’ targets.
The $4.5K and $5K were immediate upside levels, while $3.6K was a key support.
Source: ETH/USDT, TradingView
