Ethereum Sees $270M ETF Inflows as Whale Activity Increases
US-listed ETFs saw significant inflows in Ethereum (ETHUSD) spot CFDs over the past weekend, with about $270 million net inflows on September 18-19. This brings the total to roughly $144 million and $147 million in two consecutive days. The surge in demand for Ethereum against the US dollar via ETFs signals a growing interest in the cryptocurrency.
The numbers are substantial, especially considering the recent price climb of ETHUSD. Whale transfers also increased during this period, indicating that large investors are actively involved in buying and selling Ethereum. With over 207 million active wallets, the Ethereum network is experiencing significant activity. Additionally, more than 40 million ETH are staked, and the total value locked (TVL) in decentralized finance (DeFi) stands at approximately $50 billion.
However, not everyone is convinced that Ethereum's price will continue to rise. Kyle Samani believes that the current market capitalization of ETHUSD is overvalued, suggesting a range of $300-$400 billion. He questions the value accrual and suggests that traders may find better opportunities at lower prices.
On-chain data also shows that Bitmine holds about 4.9% of the circulating ETH, with a target of reaching 5% for its ETH treasury. The company is already close to achieving this goal, having accumulated around 122 million ETH.