The surging inflows into Ethereum (ETH) ETFs continue as the cryptocurrency shows persistent strength with another 9% surge in the last 24 hours.
According to Farside Investors, inflows into spot Ether ETF have seen an uptick once again, with a total of $13.5 million incoming on Tuesday. Grayscale’s mini-Ether ETF saw the most inflows at $7.4 million, while VanEck’s ETHV saw net inflows of $3.0 million, and Franlink’s EZET contributed $3.1 million in inflows.
Last week, asset manager BlackRock submitted an amendment for its spot Ethereum ETF, proposing an in-kind creation and redemption process. This move follows a meeting with the SEC’s Crypto Task Force and signals growing institutional interest in Ethereum.
If approved, the amendment will enable authorized participants to exchange Ethereum (ETH) directly for ETF shares during the creation and redemption process. This will allow an easy flow of capital between ETH and its respective ETFs.
On the other hand, institutional inflows into Ethereum, led by Abraxas Capital, shot up this week. On-chain data from Arkham Intelligence shows that the firm borrowed USDT to increase its Ethereum (ETH) holdings yesterday, when ETH price was trading around $2,460. Since then, the asset has surged 10%, moving to $2,700 level.
Over the past week, Abraxas Capital has accumulated a total of 242,652 ETH, valued at $561 million, signaling renewed bullish momentum in the market.
Where’s ETH Price Heading Next?
Ethereum price is on an unstoppable rally, surging another 9.5% in the last 24 hours, and moving to $2,700. The daily trading volume has also shot up 19%, moving to $36.75 billion, showing strong traders’ interest. Furthermore, as per the Coinglass data, the ETH futures open interest has surged 14% to $32.61 billion.
According to crypto analyst Rekt Capital, Ethereum (ETH) has fully closed its Daily CME gaps at the ~$2,530 and ~$2,632 levels, as highlighted in the green zone below.
If Ethereum ETF inflows continue, a daily close above this range could allow Ethereum to convert the gap into a new dynamic support zone. This development might serve as a foundation for further upward trend continuation, noted Rekt Capital. As seen in the image above, ETH will move to fill the next gap at $2,900-$3,033, crossing which it could rally to $3,200. Amid strong ETH accumulation, analysts give the next price target of $3,600.
