In November, spot Ethereum exchange-traded funds (ETFs) added a total of 362,474 ETH tokens worth around $1.42 billion, an astounding 4,363% increase from the previous month in which 8,121 ETH worth around $31.8 million were added.
That’s according to data shared by on-chain analysis service Lookonchain on the microblogging platform X (formerly known as Twitter), who noted that the price of ETH has risen by 64% over the past month as inflows poured into these products.
https://twitter.com/lookonchain/status/1864611295556980843
The price of Ethereum surged from around $2,442 to now stand at $3,925 over the past 30 days, and is up by more than 9% in the last week alone amid a wider cryptocurrency market rally that has helped the flagship cryptocurrency Bitcoin (BTC) top the $100,000 mark for the first time ever.
Ethereum has been underperforming Bitcoin over the last 12-month period, with CryptoCompare data showing that while BTC surged 133.4% over that period, Ethereum rose by around 71%. Spot Bitcoin ETFs, it’s worth noting, have seen much more significant inflows when compared to their ETH counterparts.
Ethereum’s price has been surging at a time in which its futures open interest, which refers to the amount of outstanding contracts, surged to a new all-time high above the $23 billion mark, up from around $7 billion at the beginning of the year.
The influx of capital may lead to growing volatility in the near future by amplifying potential price movements, hence its potential to lead to “heavy fireworks,” according to CryptoQuant analyst Maartunn.
As CryptoGlobe reported, a massive Ethereum whale that accumulated nearly 400,000 ETH when the second-largest cryptocurrency by market capitalization was trading at around $6 per token has recently restarted selling.
According to data shared by on-chain analysis firm Lookonchain, the whale accumulated a total of 398,889 ETH for around $2.4 million between January and March 2016, with the tokens now being worth over $1.34 billion after Ethereum’s price exploded in the last eight years.
The cryptocurrency is now trading at $3,600 per token and has a $433 billion market capitalization. Per Lookonchain, the massive Ethereum whale remained dormant for over eight years before it restarted selling on November 7.
While Bitcoin is trading near a record, Ethereum is still far from its all-time high near $4,600 seen back in 2021. As CryptoGlobe reported, late last month the amount of ETH being held on cryptocurrency exchanges has plunged by around $750 million after massive withdrawals of the second-largest cryptocurrency by market capitalization from these platforms.
Featured image via Unsplash.
