Ethereum is on a roll! Last week, it saw more money flowing in than Solana, a popular cryptocurrency. This surge in interest comes just before the launch of Ethereum exchange-traded funds (ETFs) in the US. These ETFs will allow regular investors to buy Ethereum through their brokerage accounts, making it easier than ever to invest in the second-largest cryptocurrency.
Ethereum’s Dominance
Ethereum has been doing well for the past month, with $45 million flowing in last week alone. That brings the total for the year to over $103 million, way ahead of Solana. While Solana also saw some inflows last week, totaling $9.6 million, its total for the year is $71 million, trailing behind Ethereum.
A Big Day for Ethereum
The US Securities and Exchange Commission (SEC) is expected to approve spot Ethereum ETFs today. This is a big deal because it will be the second cryptocurrency investment vehicle available in the US. Experts believe this could bring billions of dollars from both regular investors and big institutions.
Bloomberg ETF expert James Seyffart says we can expect to see the ETFs start trading tomorrow. He also expects the SEC to publish the ETFs’ prospectuses today.
Will Ethereum ETFs Boost DeFi?
Experts are excited about the potential impact of Ethereum ETFs on the decentralized finance (DeFi) ecosystem. Mark Connors, head of global macro strategy at Onramp, calls Ethereum the “middle kid protocol” and says the success of the ETF launch will be a big test for DeFi.
Connors believes the ETF launch could lead to increased interest and adoption of Ethereum, which could significantly impact its price.
What’s Next for Ethereum?
Despite the excitement surrounding the ETF launch, Ethereum is currently trading down 1.5% at $3,450. However, there’s a strong support level at $3,435, which has prevented the price from falling further since Friday.
