Originally published on: November 12, 2024
Excitement over the crypto-friendly environment in the US post-Trump’s victory has fueled a surge in Ether’s price, reaching $3,214.09 and climbing over 37% in the past week, hitting July highs. With Ether trading at $3,392, demand through spot Ethereum ETFs is on the rise, sustaining the altcoin’s uptrend.
Futures market data shows a spike in open long ETH positions, with CryptoQuant noting a record-high of 13.2 million ETH in open interest. Traders are optimistic, attributing the surge to rising liquidity and market engagement, as indicated by an increase in daily active addresses on the Ethereum blockchain.
DappRadar data reveals an 8% increase in Ethereum DApps’ active addresses, signaling a positive trend in DeFi metrics, such as total value locked and NFT volume. With network growth crucial to sustaining this momentum, Ethereum’s demand is expected to push it toward the $4,000 mark.
Following Trump’s election win, spot ETH ETF flows turned positive, with significant inflows recorded in major products like the Fidelity Ethereum Fund and iShares Ethereum Trust ETF. This institutional interest has seen a substantial rise in Ethereum investment product inflows, reaching $157 million in a week and $915 million year-to-date.
The surge in institutional demand for Ether investment products points to a bullish trend that could propel its price to new highs. As always, readers are advised to conduct their research before making investment decisions.
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