Ethereum [ETH] has achieved a new milestone with inflows totaling $2.2 billion so far this year, surpassing its previous record from 2021.
The latest influx amounted to $634 million, signaling a significant increase in investor confidence and overall market sentiment.
This surge can be attributed to the strong performance of Ethereum ETFs, which have emerged as a preferred investment option for those seeking exposure to ETH without directly investing in the digital asset.
The noticeable rise in institutional interest is evident as substantial amounts continue to flow into Ethereum-related investment products.
Despite some minor fluctuations and market volatility, Ethereum appears to be on a bullish trajectory, supported by the growing institutional support that lays a solid foundation for future growth.
These developments coincide with a broader trend of increasing inflows into crypto ETPs, with Ethereum leading the way alongside Bitcoin.
ETH Total Value Locked (TVL) and Spot ETF Inflows
Over the past week, Ethereum has witnessed a significant inflow of $4.81 billion, leading to a notable rise in its Total Value Locked (TVL) as per reports from Lookonchain.
These inflows have propelled Ethereum’s Layer-2 networks to a new peak, with the combined TVL hitting a record high of $51.5 billion, marking a surge of 205% over the year.
Additionally, Base’s TVL increased by $302.02 million, reflecting increased activity and scalability enhancements.
This remarkable growth in DeFi TVL has not only revisited the peak levels of November 2021 but has also diversified, with more liquid staking options, Bitcoin DeFi integrations, and increased contributions from Solana and other Layer-2 networks.
Moreover, Ethereum’s spot ETFs recorded a substantial net inflow of $24.23 million, extending the streak of six consecutive days of positive inflows.
Leading this surge, BlackRock’s ETHA ETF saw an impressive single-day inflow of $55.92 million, while Fidelity’s FETH ETF demonstrated robust performance with a net inflow of $19.90 million.
Collectively, the total net asset value of ETH spot ETFs has now reached $11.13 billion, underscoring a sustained and growing interest in Ethereum as a significant digital asset.
Potential Price Movement Toward $10,000
These developments may drive ETH to new heights as the 3-day timeframe chart reveals a breakout from a consolidation triangle and a sharp upward surge.
Since the beginning of 2021, ETH’s price has generally followed an upward trend with intermittent periods of corrections and consolidation.
ETH is primed to break out from a triangular pattern, aiming for higher price levels with a projected surge towards $10,000.
The upward momentum, surpassing the $3600 mark, suggests that Ethereum could potentially reach $10,000 in the medium term if chain activity continues to flourish.
This movement indicates robust buyer interest and positive market sentiment, potentially paving the way for a new chapter in Ethereum’s growth trajectory.