Ethereum In Demand: ETF Inflow Streak Extends To 7 Weeks

Institutional investors are increasingly interested in Ethereum, evident by continuous inflows into US spot ETFs. These ETFs allow investors to gain exposure to Ethereum without directly owning the cryptocurrency, trading on traditional platforms. The US SEC approved Ethereum spot ETFs in mid-2024, after Bitcoin's approval earlier in the year. Glassnode's data reveals these ETFs initially saw outflows, but have experienced consistent inflows since late April. Ethereum's price recovery from $2,200 to $2,500 coincided with increasing institutional interest. Last week, Ethereum spot ETFs recorded 106,000 ETH in net inflows, marking seven consecutive weeks of positive flows. Bitcoin is also experiencing rising demand, with its ETFs seeing inflows, though to a lesser extent. Bitcoin's latest week saw approximately $1.6 billion flow into its ETFs, significantly more than Ethereum's $258.6 million. Bitcoin's demand in the US spot ETFs accelerated in June. The price of Ethereum has pulled back after crossing $2,500, currently trading around $2,400.