The cryptocurrency market as a whole is slowly recovering. Ethereum (ETH), however, was outshining all of its competitors. ETH traded at $2.426 earlier today but went up to a peak of $2.711. Over the last 24 hours, the asset has gained 10%. The altcoin traded at $2.630, up 6% in the last few hours.
Coinglass’ data shows that open interest is up 15%. Volume has also increased by 5% in the last 24 hours. It shows investors becoming more positive about Ethereum. After several price spikes and increases in investor confidence, the latest one comes as a result of a recent increase. analysts While ETH was not performing to market expectations, it did show that the price of ETH has been rising.
Also Read: Solana: ETF Approval Drives SOL to $160 as it Outperforms Ethereum
Ethereum turns inflationary
Ethereum will reach its 2024 milestone. experienced The first inflation since 2022. The network increased its total supply of 75,301 Ethereum despite burning 465.657 ETH in the first year. A decrease in the network’s activity led to Q2 2024 seeing a change from deflationary conditions to inflationary ones. This quarter 120,818 Ethereum were added to blockchain due to 228,543 being emitted and 107,725 being burned.
Many were surprised by this, given the excitement surrounding Ethereum ETFs. Data from Farside Investors shows that Ethereum ETFs saw net outflows of $2.9m on August 8. Grayscale’s Ethereum Trust (ETHE), however, has seen a slower outflow of $19.8M. Fidelity’s FETH saw its first ever day of withdrawals. Crypto Kaleo said the following:
“There was too much hype about the potential for what this ETF would immediately do for the price—now, there’s too much FUD.”
Also Read: BlackRock’s Ethereum ETF Witnesses $900 Million Inflows
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Source: watcher.guru