Ethereum price rises by 2.35% to $1,557, BlackRock’s ETH ETF receives $6.4 million in inflows
Ethereum experienced a notable rise of 2.35% on Friday, bringing its price close to $1,560. This positive movement marked a significant recovery for the second-largest cryptocurrency, which had previously dipped during the trading session, nearly touching the $1,500 level. However, Ethereum struggled to break past the $1,600 mark during this upswing.
Institutional interest in Ethereum appears to be on the rise, as evidenced by the substantial daily inflow of approximately $6.4 million into BlackRock’s Ethereum exchange-traded fund (ETF). This influx of capital suggests a growing desire among traditional financial institutions to gain exposure to Ethereum and the digital asset market.
Several factors may be contributing to Ethereum’s recent resilience and upward momentum. Progress on network upgrades, increased adoption in decentralized applications (dApps) and decentralized finance (DeFi), along with positive market sentiment towards cryptocurrencies and macroeconomic conditions, could be influencing Ethereum’s price movements. The steady performance of Bitcoin above $82,000 has also provided stability to the broader crypto market, potentially supporting assets like Ethereum in experiencing positive price movements.
Despite these positive indicators, the Ethereum market remains complex and is influenced by various factors, including the actions of large individual holders. Recently, on-chain data revealed that a significant Ethereum holder, known as a “whale” from the cryptocurrency’s initial coin offering (ICO) in 2015, sold off 4,100 ETH in April, valued at approximately $7 million. Such large transactions by early investors can sometimes create temporary downward pressure on prices as the market absorbs the increased supply.
Overall, Ethereum’s recent increase, combined with the inflow of institutional capital, signals a growing interest in the cryptocurrency among traditional investors. As the digital asset market continues to evolve and attract more mainstream attention, Ethereum’s performance and market dynamics are likely to remain closely watched by investors and analysts alike.
