61,000 ETH in Eight Weeks: What Happened on Market?

Ethereum, the second-largest cryptocurrency in terms of market capitalization, has recently attracted institutional attention. According to Glassnode, Ethereum Spot ETF flows have remained positive for the eighth consecutive week, with net inflows topping 61,000 ETH.

This is reflected in the last 24 hours; the nine Ethereum U.S. spot ETFs saw positive netflows of 24,968 ETH worth $63.32 million, according to Lookonchain. Fidelity accounted for these inflows and currently holds 523,594 ETH worth $1.33 billion.

Digital asset investment products recorded inflows of $1.04 billion last week, marking the 12th consecutive week of inflows, according to the latest CoinShares data.

Ethereum saw its 11th straight week of inflows, with $226 million added last week. Weekly inflows during this run have averaged 1.6% of AuM, much exceeding Bitcoin’s 0.8%, indicating a major shift in investor sentiment in favor of Ethereum.

The decrease in Bitcoin inflows indicates that investors are becoming more cautious as the price of Bitcoin reaches all-time highs.

What’s happening?

BBVA, Spain’s second-largest bank, has announced that it will formally extend Bitcoin and Ethereum trading and custody services to retail customers via its mobile app, allowing anyone to purchase, sell and keep crypto assets independently. BBVA plans to provide more crypto assets and tokenized products in the future.

BitDigital just announced that it is aligning with Ethereum’s long-term potential. Bit Digital has accumulated 100,603 ETH, and it plans to rapidly add more to become the preeminent ETH holding company in the world.

BitDigital said in a tweet that it had changed its BTC assets into ETH and raised an extra $172 million to buy the cryptocurrency. At press time, ETH was down 1.19% in the last 24 hours to $2,531.