Bitcoin ETFs posted a fifth straight day of losses with $194 million in outflows, while ether ETFs staged a comeback with $288 million in inflows. The divergence underscores shifting investor sentiment between the two largest crypto assets. Crypto ETFs Diverge: Ether Scores $288 Million Inflow While Bitcoin Bleeds $194 Million The mood in crypto ETFs
It has been a wild ride, but Ethereum’s price has finally reclaimed its former all-time high. The move came following a recent correction, which saw ETH’s price drop to slightly above $4,000. The cryptocurrency saw a massive bounce in the past 24 hours following the speech of US Federal Reserve Chairman Jerome Powell at Jackson Hole earlier on Friday. The cryptocurrency hit an all-time high of $4880 on Bitstamp, surpassing its previous high of $4869 achieved in November 2021. ETH is currently trading at slightly below $4,900, marking a respectable 10% increase over the past seven days. It has been one of the best-performing altcoins recently and has increased by more than 35% in the past month alone. As CryptoPotato reported earlier this month, the recent rally comes on the back of notable institutional investments in the largest altcoin. Just a few weeks ago, spot ETH-based exchange-traded funds marked a record inflow of over $1 billion, with BlackRock’s ETHA fund accumulating more than 150,000 ETH – a record on its own. Commenting on the matter was Nate Geraci, who said: It feels like ETH ETFs were severly underestimated simply because TradFi investors didn’t understand Ethereum. Now they’re hearing ‘backbone of future financial markets’ and it’s resonating. But it’s not just ETFs. Following in the footsteps of Michael Saylor’s Strategy, publicly traded companies are running the same playbook. Tom Lee spearheaded Bitmine became the first to accumulate a treasury of a whopping 1,000,000 ETH. In essence, ETH found itself at the intersection of institutional demand and companies stockpiling it for their treasuries, all the while the entire cryptocurrency community had been calling for an altcoin season for many months. Many are now speculating that, this time around, ETH’s fundamentals are much stronger compared to 2021 and that targets such as $10,000 and even beyond are not unrealistic. The post Ethereum’s Price Explodes to a New All-Time High appeared first on CryptoPotato .
According to breaking news, Ethereum (ETH) has reached a new all-time high since 2021, surpassing $4868. Chart with minute candles showing the recent rise in ETH price. The increase was driven by Fed Chair Jerome Powell's remarks at the Jackson Hole meeting. In his final speech of his term, Powell strongly signaled a potential interest rate cut in September, but he made no firm commitment. Powell's dovish tone whetted investors' appetite as markets sought to carefully balance labor market risks with ongoing inflation concerns. Powell's speech triggered a wave of buying in risky assets. Investors anticipate increased liquidity with the start of interest rate cuts. However, some analysts caution that the risk of stagflation remains and that the market may be overly optimistic. The sharp price movement triggered significant liquidations in leveraged positions. A total of $684.44 million worth of positions were liquidated in the cryptocurrency market in the last 24 hours. Of this, $220.64 million consisted of long positions and $463.80 million consisted of short positions. In the case of Ethereum, liquidations reached $363.45 million. $76.75 million worth of long positions and $286.69 million worth of short positions were liquidated. *This is not investment advice. Continue Reading: BREAKING: Ethereum (ETH) Breaks All-Time High Price Record
ETH broke above its November 2021 record high, and analysts say a dovish Federal Reserve and institutional adoption will send Ether well above $5,000.
ETHEREUM TRADES AT HIGHEST LEVEL SINCE 2021 $BMNR $SBET #BMNR #SBET
Ether surged to a record for the first time in almost four years, with the second-largest cryptocurrency benefiting from a renewal in demand after long being touted as a more adaptable alternative to the crypto market leader Bitcoin.