Shift in sentiment leads to 40,000 ETH added to Ethereum ETF
Hey there! Let's dive into the latest happenings in the world of Ethereum.
Recently, Ether exchange-traded funds (ETFs) have been on a roll, bucking the trend of eight straight weeks of outflows. Glassnode reports a modest inflow of around 40,000 ETH, indicating a possible shift in sentiment towards ETH exposure. This change suggests that Ethereum might be witnessing a renewed interest from institutional investors as the broader crypto market recovers.
Last week, the crypto market recorded a massive $3.4 billion inflows, with Bitcoin leading the charge at $3.18 billion and Ethereum following closely at $183 million, thanks to investors seeking alternative safe havens.
In case you missed it, Ethereum ETFs experienced their first positive net inflow in eight weeks, reaching an impressive $104 million on April 25, marking the strongest single-day performance for ETH ETFs in April. This inflow trend continued over the next days, with net inflows reaching $64.1 million on April 28, signaling a potential upward pressure on Ethereum's price, despite its subdued performance compared to Bitcoin.
Besides ETF inflows, Ethereum whales have been stocking up significantly. Large holders' netflow surged an astounding 2,682% over the past week, aligning with the reversal of outflows that exceeded $700 million over eight weeks. This whale activity suggests renewed institutional confidence in Ethereum.
All eyes are on Ethereum researcher Dankrad Feist, who has proposed a 100-fold "exponential" gas limit boost to improve mainnet scaling. The new EIP, 9698, aims to create a predictable and sustainable gas limit trajectory, enhancing coordination and transparency in the gas limit adjustment process while maintaining backward compatibility with existing mechanisms.
In other Ethereum-related news, Ethereum's next network upgrade, Pectra, is set to launch on the mainnet on May 7. Pectra brings enhancements to the validator UX and doubles the blob count, among other things.
Stay tuned for more updates on Ethereum and the crypto market! Don't forget to do your own research and consult financial experts before making investment decisions. Happy trading!
Sources: [1], [2], [3], [4], [5]
- The recent surge in Ethereum ETFs net inflows, reaching $104 million on April 25, might indicate a renewed interest from institutional investors in Ethereum.
- Glassnode's report of a modest inflow of around 40,000 ETH suggests a possible shift in sentiment towards Ethereum, possibly hinting at a sustainable increase in its price.
- Last week, the crypto market recorded a massive $3.4 billion inflows, with Ethereum following Bitcoin's lead at $183 million, indicating a recovery trend in the broader crypto market.
- Ethereum whales have been significantly stocking up recently, with a 2,682% surge in large holders' netflow, signaling renewed institutional confidence in Ethereum.
- Ethereum researcher Dankrad Feist proposed a 100-fold gas limit boost to improve mainnet scaling, aiming to create a predictable and sustainable gas limit trajectory for future enhancements.
- The upcoming Ethereum network upgrade, Pectra, is set to launch on May 7, bringing improvements to the validator UX and doubling the blob count, among other things.
