Ethereum ETF Records Milestone with Over $900 Million in Inflows

Ethereum (ETH) Exchange Traded Funds (ETFs) have recorded their most outstanding inflows since they launched over a year ago. This asset class raked in $907 million in weekly inflows this past week and marked their best week ever. It is worth noting that the milestone coincided with the period when ETH recorded a 17% weekly gain. 

Three Consecutive Days of Ethereum ETF Inflows

Ethereum ETFs were launched in July 2024, and since that time, it has faced some challenges in hitting a breakthrough. Its inflows have not been as productive as those of Bitcoin (BTC) ETFs. All of a sudden, the Ethereum ETFs registered their best weekly inflows. According to SoSoValue, investors plunged $907.99 million into Ethereum ETFs in the past week alone. 

Even crypto market expert Nate Geraci acknowledged the inflows on X, citing that these inflows include three of the top 10 inflow days overall. Markedly, the most significant daily inflows for the week were recorded on July 10, when these funds took in $383.10 million. In addition to July 10, July 9 and 11 were days when the funds recorded top inflow this week. 

Specifically, the ETFs recorded net inflows of $211.32 million and $204.82 million, respectively, on these days.

Ethereum Price Performance and Outlook

Meanwhile, Ethereum price has recorded some uptick this week with Bitcoin price climbing to a new All-time-high (ATH) above $117,000. The largest altcoin by market capitalization went above the $3,000 level in the process. The rally ran past 17%, but the coin has since seen some fluctuations.

At press time, Ethereum was trading at $2,923.59, corresponding with a 1.51% drop within the last 24 hours. Its market capitalization has also dropped to $353.11 billion, and the 24-hour trading volume has reduced by 53.59% to $20.88 billion.

SharpLink Acquired 10,000 ETH to Reinforce its Position 

Apart from the rally in ETH price, the coin gained attention from an acquisition by SharpLink. 

Notably, the company purchased 10,000 ETH in exchange for $25,723,680, pegging a unit of ETH at $2,572.37. The acquisition deepens the company’s association with the second-largest cryptocurrency by market capitalization. 

SharpLink’s Ethereum holding has now moved from 205,634 ETH, which was previously disclosed, to about 215,634 ETH.