The traditional world of finance has witnessed record-breaking interest in Ethereum. The Ethereum Spot ETF has raised approximately $2.18 billion in investments over the past week, with a net inflow of 677,000 ETH. This represents the highest weekly influx in Ethereum ETF history.
Ethereum SpotETFS Break Record: Weekly Inflows $2.18 billion, Etha Tops Volume
Thanks to these massive influx, the total chain holdings of Ethereum ETFs measured at known on-chain addresses reached an all-time high of 5.15 million ETH.
During the same period, Ethereum ETF trading volume also exploded. The weekly total volume reached $10.5 billion, with an average daily trading volume of $2.1 billion. Almost 70% of this volume, and more than 80% of all net inflows, occurred via the iShares Ethereum Trust ETF (ETHA).
Driven by a sharp rise in ETH prices, the assets of the managed Spot Ethereum ETFs have exceeded $15.5 billion, setting a new record. ETH has skyrocketed 27% in the past week and 52% in July.
Agency Ethereum purchases support meetings
ETH rally is driven not only by ETF demand, but also by the financial purchases of the system. Sharplink Gaming (SBET) is particularly outstanding. Over the past nine days, the company has actively purchased ETH, reaching 280,706 (~$840 million), becoming ETH’s largest institutional owner, beyond the Ethereum Foundation.
SBET funded these acquisitions with a $1 billion share issuance program announced in May. On July 17, the company filed for an increase in the program to $6 billion, and announced that these funds will be used to purchase new ETH. Shareholders will evaluate the plan in a vote on July 24th.
Other companies are also building ETH finances
Apart from SBET, Bitmine Immersion (BMNR) and Bit Digital (BTBT) have implemented similar strategies.
- BMNR raised $250 million in funding at the end of June, holding its position at 163,000 ETH.
- BTBT announced it has received over 100,000 ETH after raising $172 million in funding and selling Bitcoin.
Price increases aren’t the only strong institutional demand for Ethereum ETFs. It also further strengthens ETH’s position in the financial system. With increased ETF records, the institutional ETH Treasury and investment volume, Ethereum has solidified its position as a store of value and high yield assets in the investor’s eyes.
*This is not investment advice.