Ethereum Price Holds Above $2,700 Amid Strong ETF Inflows
Ethereum's price has held above $2,700 after investors continued to buy into the cryptocurrency amid strong ETF inflows. The top crypto has seen a 14% surge over the past seven days, with US spot ETH exchange-traded funds (ETFs) attracting roughly $270 million in its largest daily inflow since October.
This marks two consecutive days of net inflows for the products worth approximately $413.8 million, offsetting prior three days of outflows. BitMine Immersion (BMNR), a firm that has been accumulating Ethereum tokens, is likely to buy more, adding 12,500 ETH to its collective balance.
Whales are also piling in, with an OTC whale buying 4,500 ETH on Tuesday and another swapping 200.71 BTC for 6,247 ETH over the past six days. The recent uptrend isn't unique to Ethereum, as the crypto market has rallied broadly despite a Federal Reserve rate hike and regulatory setbacks.