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Ether’s has failed to gain any upward traction despite the hype around it. Instead, the altcoin ended up shedding nearly 2% over the past 24 hours as it hovered near $3,460 despite a strong debut for spot Ethereum ETFs. This tepid price movement contrasts with the strong trading activity recorded by these new investment vehicles on the very first day.shared by IntoTheBlock, there’s a significant trend in Ethereum accumulation despite a recent dip in Ether prices.
Such aggressive accumulation by prominent investors suggests a strong belief in Ether’s long-term value and potential. This accumulation even surpassed the $106 million net inflows observed in spot Ethereum ETFs over the same period.the charts with $266.5 million in inflows followed by the Bitwise ETHW spot ETF, which had a solid start with $204 million. The Fidelity FETH fund managed to attract $71 million. Smaller inflows between $7.
Richard Teng, CEO of Binance, said that while a steady capital deployment into these ETFs is anticipated, it is unlikely to be dramatic initially and will fluctuate based on various macroeconomic factors. “However, I believe that the potential for ETF liquidity to grow exponentially is significant. With SEC approval and listing, these ETFs can now be invested in by institutions, which typically have a long-term investment horizon. This institutional involvement could provide a stable and substantial influx of capital over time.”
Teng noted the overwhelmingly positive reception of spot Bitcoin ETFs on their first trading day and expressed uncertainty about whether Ethereum ETFs will experience the same level of enthusiasm. Even so, the Binance executive added that their launch is expected to be significantly bullish for the entire digital asset industry.Ethereum Whales with Over 10,000 ETH Surging, Signaling Accumulation TrendOne Weekly Email Can Change Your Crypto Life.
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