Ethereum passes $4,650 as spot ETFs continue strong streak of inflows
Meanwhile, BitMine Immersion Technologies now has more than 2% of the token’s supply.
Ethereum crossed $4,650 for the first time in over three weeks on Monday, rising 2.3% in the past 24 hours and roughly 11% in the last seven days.
After registering six consecutive months of positive inflows, spot ethereum ETFs continue to see strong trends. October has seen $621.4 million of ETF inflows to date, already more than doubling last month’s figure of $287.5 million.
In other news for ethereum:
BitMine Immersion Technologies now holds more than 2% of ethereum’s supply with over 2.8 million in the tokens worth over $13 billion. “We remain confident that the two Supercycle investing narratives remain AI and crypto,” BitMine Chairman Tom Lee said in a statement.
Crypto asset manager Grayscale announced its Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF have enabled staking, allowing investors to earn a yield on their holdings.
Ethereum developers are gearing up for Fusaka, the next network upgrade, which is expected to come at the end of the year. Following ethereum’s last mainnet upgrade several months ago, Fusaka aims to improve the blockchain’s scalability and bring more on-chain economic activity into the network’s ecosystem, according to VanEck.
