š„ Will Ethereum Hit $3,000 This Week Amid BlackRock Inflows?
Ethereum has attracted over $109 million in ETF inflows as institutions shift from Bitcoin. Can ETH break through the $3,000 mark this week?
As the crypto market gradually gains momentum, hinting at a potential bullish recovery, institutional investors are increasingly loading up on Ethereum. With BlackRock now favoring Ethereum over Bitcoin, could ETH cross the $3,000 threshold this week?
šø BlackRock Shifts Capital from Bitcoin to Ethereum
On June 3, the total daily net inflow into U.S. Ethereum spot ETFs reached $109.43 million, marking the 12th consecutive day of positive inflows. BlackRock led the dayās activity with $77.06 million in inflows.
Meanwhile, on May 30 and June 2, BlackRock Bitcoin ETF registered massive outflows totaling $561 million. However, at the close of the most recent trading day (Tuesday), BlackRockās Bitcoin ETF reported a positive inflow of $58 million.
While notable, this figure still falls short compared to the inflows into its Ethereum ETF. Some analysts interpret this as a sign that BlackRock is restructuring its holdings, shifting funds from Bitcoin to Ethereum, in preparation for a potential altcoin season.
šø On-Chain Data Points to an Extended ETH Rally
According to IntoTheBlockās Global In/Out of the Money (GIOM) indicator, Ethereumās immediate resistance zone lies between $2,726 and $2,856. It contains about 4.13 million ETH held by 2.7 million investors.
Meanwhile, the current out-of-the-money zone holds a significantly larger supply, 12.32 million ETH held by 10.77 million investors, with an average acquisition price of $2,613.
Ethereumās uptrend will likely continue because the at-the-money zone represents a much larger supply than the immediate resistance zone.
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š„ Will Ethereum Hit $3,000 This Week Amid BlackRock Inflows?
Ethereum has attracted over $109 million in ETF inflows as institutions shift from Bitcoin. Can ETH break through the $3,000 mark this week?
As the crypto market gradually gains momentum, hinting at a potential bullish recovery, institutional investors are increasingly loading up on Ethereum. With BlackRock now favoring Ethereum over Bitcoin, could ETH cross the $3,000 threshold this week?
šø BlackRock Shifts Capital from Bitcoin to Ethereum
On June 3, the total daily net inflow into U.S. Ethereum spot ETFs reached $109.43 million, marking the 12th consecutive day of positive inflows. BlackRock led the dayās activity with $77.06 million in inflows.
Meanwhile, on May 30 and June 2, BlackRock Bitcoin ETF registered massive outflows totaling $561 million. However, at the close of the most recent trading day (Tuesday), BlackRockās Bitcoin ETF reported a positive inflow of $58 million.
While notable, this figure still falls short compared to the inflows into its Ethereum ETF. Some analysts interpret this as a sign that BlackRock is restructuring its holdings, shifting funds from Bitcoin to Ethereum, in preparation for a potential altcoin season.
šø On-Chain Data Points to an Extended ETH Rally
According to IntoTheBlockās Global In/Out of the Money (GIOM) indicator, Ethereumās immediate resistance zone lies between $2,726 and $2,856. It contains about 4.13 million ETH held by 2.7 million investors.
Meanwhile, the current out-of-the-money zone holds a significantly larger supply, 12.32 million ETH held by 10.77 million investors, with an average acquisition price of $2,613.
Ethereumās uptrend will likely continue because the at-the-money zone represents a much larger supply than the immediate resistance zone.
#ETH # Ethereum
{spot}(ETHUSDT)