Key Points
The inflows to spot Ethereum exchange-traded funds (ETFs) have set a new record.
For the past 16 days, these ETFs have continuously attracted inflows.
On Friday, Dec. 14, the net inflow was more than $23.6 million.
This has resulted in a total accumulation of over $2.26 billion since the inception of these funds.
Ethereum ETFs and Their Assets
SoSoValue reports that all spot Ethereum ETFs collectively hold more than $13.7 billion in assets.
The Grayscale Ethereum ETF holds the most assets, with over $5.6 billion.
This is followed by the iShares Ethereum Trust ETF, Fidelity Ethereum Fund, Bitwise Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
One of the main reasons for these continuous inflows is the increasing expectation that the U.S. Securities and Exchange Commission will permit staking.
If this happens, ETF holders will profit from both the rising price of the coin and the staking reward.
According to data from StakingRewards, the current staking yield is 3.26%.
The inflows have coincided with a period of strong performance for Ethereum.
Its price is currently around $4,000, just 25% below its all-time high of $4,870.
From its 2023 lows, the price has risen by 153%.
IntoTheBlock’s on-chain data indicates that the number of active Ethereum addresses has reached over 122.7 million.
This is the highest level in several months.
Further data reveals that Ethereum whales are increasing their market share.
They now hold approximately 43% of all Ethereum coins, an increase from around 22% in November.
This suggests a growing optimism about the coin.
CryptoQuant, in a recent note, predicted that the Ethereum price could reach $5,000.
This prediction was based on the dynamics of demand and supply.
On the weekly chart, the Ethereum price has encountered a significant resistance at $4,092.
Despite failing to cross this level twice before, in March and May, Ethereum remains above the 50-week and 200-week moving averages and the 23.6% Fibonacci Retracement level.
To invalidate the triple-bottom chart pattern, Ethereum needs to break the $4,092 resistance.
If it can surpass this resistance, Ethereum could potentially reach its all-time high of $4,877.
This would also bring it closer to the key level of $5,000.
A 25% increase is needed for Ethereum to hit this target, which is achievable if the current bull run in the crypto market continues.