Ether’s funding rate soared to an 8-month high, but is it a sign of a strengthening rally or an impending price correction?
Ethereum ETF news
It adds to Bitwise’s roster of European staking ETPs. Staking is still prohibited in ETPs listed in the United States.
United States investors increased exposure to Bitcoin and Ether ETFs as a strong price rally fueled unprecedented inflows.
Fidelity’s spot Ether ETF led the pack with $115.5 million worth of inflows on Nov. 11, while BlackRock, Grayscale and Bitwise’s Ether ETFs also saw inflows.
The significant daily inflow into BlackRock’s spot Ether ETF comes as Ether has seen its biggest weekly gains since May 2024.
Ether’s price metrics have replicated 3 key bullish actions which resulted in a 120% rally in Q1 2024. Will it happen again?
They include options on Bitwise Ethereum ETF, Grayscale Ethereum Trust, and Grayscale Ethereum Mini Trust, as well as “any trust that holds Ether,” the filing said.
Trump’s election victory has inspired more optimism among crypto analysts, with some expecting Bitcoin to breach $100,000 before the end of 2024, boosting Ether’s price along the way.
In November, L2s have been posting some 3x more transaction data each day to mainnet than they did in March.
More Ether-related ETFs could help ETH prices rise above the old all-time high of $4,800, recorded nearly three years ago.