Key Insights:
- Ethereum ETFs accumulate over 158,000 ETH, valued at $520 million, signaling growing institutional interest in the network.
- Ethereum’s 7-day average transactions rise 94% in a year, reaching an all-time high while fees remain low.
- Average Ethereum gas fees drop, lowest since 2019, even as the network handles triple previous transactions.
Exchange-traded funds (ETFs) have been accumulating Ethereum, with 158,545 ETH purchased. This comes amid a period of growth for the Ethereum network, which is seeing increased activity while its price remains below its all-time high.
ETFs Increase Ethereum Holdings Amid Market Uncertainty
Exchange-traded funds (ETFs) have added over 158,000 Ethereum (ETH) to their holdings since December 29, 2023. At current prices, the value of these assets is around $520 million. This activity comes as Ethereum’s network shows stronger usage, even though the price remains under its previous high.
The accumulation of such a large amount of Ethereum by ETFs could indicate a belief in Ethereum’s potential, despite its current price not being at its peak. The funds may be positioning themselves to benefit from future growth, as Ethereum’s network shows strong fundamentals.
This accumulation is seen as a sign of growing interest in Ethereum, especially with its expanding network activity. As of press time, the Ethereum price is trading at $3,098 with a 24-hour trading volume of $22.897B. Ethereum is down 3.40% in the last 24 hours, with a live market cap of $374.007B.
Ethereum Shows Growth as it Reaches Record High Transactions
Meanwhile, Ethereum’s network has seen impressive growth despite its price remaining 36% lower than its all-time high of $4,878. The 7-day average transaction count has grown significantly over the past year, from 1.25 million to 2.43 million. This increase represents nearly 94% growth in a year.
Transaction fees have also decreased, falling to around $0.15, making it the lowest level since 2019. The analyst noted that $ETH processed roughly 700,000 transactions per day the last time fees were this low. Adding that, “Today, the network is handling more than three times that activity.”
However, based on DFarmer, Ethereum’s network has recently hit an all-time high for transaction counts, further demonstrating its growing strength. The network is handling more transactions than ever before, with average gas fees remaining low.
This combination of high network activity and low transaction fees signals that Ethereum is continuing to improve. Despite the lower price compared to its all-time high, the strong fundamentals suggest that Ethereum may be in a good position for future growth.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/etfs-accumulate-158545-ethereum/
