There seems to be a shift in the cryptocurrency market. Ethereum (ETH) Spot Exchange Traded Funds (ETFs) attracted almost $ 400 million in capital in the past month, according to data from Farside Investors.
The ETHEum ETF inflow is considerable, while the Bitcoin (BTC) ETFs, on the other hand, lost $ 376 million together. Despite the increasing interest in Ethereum, the ETH race is lagging behind Bitcoin. Is a recovery for the largest Altcoin in sight?
ETH is lagging behind despite growing ETF inflow
Despite the capital flow towards Ethereum ETFs, the ETH prize in February fell sharply. At the beginning of this month, the largest altcoin was still above $ 3,260, but now the race has dropped to $ 2,680. This means a decrease of almost 18% in just 18 days.
A possible reason for the growing interest in Ethereum is the upcoming pectra upgrade, which is expected to go live in April. The update must make the Ethereum network more efficient and attract more institutional investors.
Pectra Upgrade: What does it mean for Ethereum?
The Pectra upgrade promises faster transactions and improved strike options, which will improve Ethereum’s overall user experience. In addition, the upgrade makes bundled transactions possible, which is especially attractive for institutional investors and Defi projects.
Ethereum Developments and Prize forecast
Nick Forster, founder of the Defi platform derive.xyz, is positive about the price development of ETH in the short term. He points out that Ethereum founder Vitalik Buterin is working on improvements to make the network ten times faster. In addition, the Ethereum Foundation has made a fund of $ 120 million available to stimulate the growth and adoption of Defi projects.
According to Forster, there is a 30% chance that ETH will rise again above $ 3,000 within six weeks. The combination of the upcoming pectra upgrade and the institutional interest in Ethereum ETFs could turn the tide for ETH.
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Source: https://newsbit.nl/ethereum-etfs-trekken-400-miljoen-aan-bitcoin-verliest-geld/
