ETHUSD Surges to Over 70% Gain Amid Ongoing ETF Inflows
Ethereum's price has seen a significant rally, surging above 70% in Q3, according to recent reports. This upward trend has been driven by ongoing ETF inflows and traders positioning themselves ahead of the U.S. jobs report and Fed rate-path updates.
As a result, demand for Ethereum has increased, leading to higher fees. The mean base fees on ETHUSD have jumped 193% week-over-week, while the staking rate has risen to 35.92% in just 14 days.
The influx of ETF inflows has been cited as a key driver of institutional demand for Ethereum. Approximately $117.8M worth of net outflows through Oct 1 were seen in ETFs, indicating that investors are increasingly turning towards Ethereum.
Another indicator of Ethereum's growing popularity is the fact that whales have accumulated roughly 60,000 ETH (about $162 million) in the ETHUSD market during this period. This represents net purchases by large holders.