Ethereum (ETH) Price Predicted to Break New ATH Triggered by ETF

Bittime - ETFs are predicted to influence the price of Ethereum (ETH). ETFs are a historic moment that marks the entry of crypto assets into the realm of mainstream investment. This decision was taken after long lobbying by crypto leaders which ultimately shattered the views of political parties in the US.

ETFs are basically financial products traded on stock exchanges, and now these products include crypto assets such as Ethereum (ETH). The launch of nine spot Ethereum ETFs was greeted enthusiastically by Wall Street investors. 

It was proven that on the first day of trading, this ETF managed to attract fresh funds amounting to $107 million (around Rp. 1.74 trillion).

ETF Asset Movement

Interestingly, despite the surge in investment in ETFs, the oldest crypto investment product, Grayscale Ethereum Trust (ETHE), actually experienced a net cash outflow of around $484 million (around IDR 7.8 trillion). 

However, this was offset by another similar product, Grayscale Ethereum Mini Trust (ETHM), which actually experienced a net cash inflow of $15 million (around IDR 243 billion).

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The impressive performance was recorded by the ETF formed by BlackRock, iShares Ethereum Trust ETF (ETHA). This product managed to raise fresh funds of $266.55 million (around Rp. 4.33 trillion) on Tuesday. 

Meanwhile, its competitor, Bitwise Ethereum ETF (ETHW), recorded a net cash inflow of around $204 million (around IDR 3.32 trillion).

Another ETF product, Fidelity Ethereum Fund (FETH), also experienced an increase in investment of $71.31 million (around IDR 1.15 trillion). Meanwhile, other players in the Ethereum ETF market posted moderate investment increases of between $5 million to $15 million (around IDR 81 billion to IDR 243 billion).

Ethereum Price Ready to Soar High?

The launch of a spot Ethereum ETF does not necessarily increase the price of Ethereum drastically. However, price stability actually provides momentum for long-term investors to enter the market. It was recorded that as many as 112.9K Ethereum (around IDR 390 billion) were purchased by investors in this period.

Well-known crypto analyst, Crypto Capo, predicts that the price of Ethereum will again approach its all-time high of $4,867 (around Rp. 78.8 million) in 2021. 

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Even so, he estimates that the price of Ethereum against the US dollar will still consolidate in the range of $2,950 to $3,950 (around Rp. 47.8 million to Rp. 64 million) before finally surpassing that record.

If the adoption rate of spot Ethereum ETFs follows that of spot Bitcoin ETFs in the coming months, Ethereum prices could potentially break through to record highs before the end of the year.

Ethereum's Dominance in the Crypto Realm

The Ethereum network is currently still irreplaceable as a leader in the field of web3 and smart contracts. The total value of assets locked on the Ethereum network reached $60 billion (around IDR 97.2 trillion), while the market capitalization of stablecoins on this network reached almost $80 billion (around IDR 129.6 trillion).

The adoption of Ethereum by crypto institutions is increasingly massive, along with the widespread tokenization of real assets to increase business scale. For example, automotive giant Toyota is reportedly exploring integrating the Ethereum network with their car products.

This widespread acceptance of Ethereum is the result of years of hard work in terms of developing and updating the technology to meet regulatory requirements and of course suit user needs.

How to Buy Ethereum (ETH) di Bittime

You can buy and sell Ethereum (ETH) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH) available on Bittime with market pair ETH/IDR. To be able to buy ETH IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete guide on how to buy Ethereum (ETH) on Bittime. 

Monitor graphic movement price Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.