“Given
that
ETH
has
lagged
behind
BTC
and
SOL
in
the
current
rally,
its
recent
strength
supports
the
case
for
it
to
retest
its
all-time
high,”
QCP
Capital
said.
Nov
29,
2024,
10:18 a.m.
bulls
are
eyeing
a
return
to
lifetime
peaks.
(Shutterstock)
What
to
know:
-
U.S.-listed
spot
ether
ETFs
attracted
over
$220
million
in
the
past
four
days
of
active
trading. -
Analysts
suggest
ETH
could
retest
its
all-time
high
due
to
this
momentum,
supported
by
capital
rotation
from
bitcoin
into
ETH. -
Ethereum
has
recorded
a
surge
in
on-chain
activity
and
open
interest
in
ether
futures
has
risen.
A
streak
of
inflows
into
U.S.-listed
spot
ether
(ETH)
exchange-traded
funds
(ETFs),
rising
activity
on
the
Ethereum
blockchain
and
increased
institutional
trading
interest
could
help
the
second-largest
cryptocurrency
by
market
cap
surpass
its
three-year-old
price
record
in
the
coming
months.
“ETH
spot
ETFs
continue
to
record
strong
net
inflows,
totaling
$90.1
million
yesterday
and
marking
a
4-day
winning
streak,”
QCP
Capital
said
in
a
note
referring
to
Wednesday
trading.
“Despite
this
week’s
retracement,
these
healthy
inflows
highlight
the
market’s
growing
optimism.
ETH
was
the
main
outperformer
Wednesday
as
it
rallied
11.65%
to
a
high
of
3,688.
This
is
aligned
with
our
thesis
of
capital
rotation
from
BTC
to
ETH.”
continues
below
The
ether
ETFs
attracted
over
$220
million
in
the
Nov.
22-27
period,
data
shows,
the
second-longest
streak
of
inflows
since
they
went
live
in
July.
That
has
helped
bring
cumulative
flows
to
a
positive
$240
million.
“Given
that
ETH
has
lagged
behind
BTC
and
SOL
in
the
current
rally,
its
recent
strength
supports
the
case
for
it
to
retest
its
all-time
high
of
4,868
(+35.4%),”
QCP
said.
Fundamental
factors
and
money
flows
are
further
boosting
ether’s
growth
prospects.
A
CoinDesk
analysis
earlier
this
week
noted
that
cumulative
open
interest
in
perpetual
and
standard
futures
contracts
has
surged
to
a
record
6.32
million
ETH,
worth
over
$27
billion.
Activity
in
the
ether
options
market
listed
on
Deribit
is
also
picking
up,
with
over
2
million
contracts
active
or
open
at
press
time,
the
most
since
late
June.
Other
data
shows
a
jump
in
revenue,
fees,
new
wallets
and
Ethereum
blockchain
volumes,
with
the
past
month
registering
elevated
levels
of
activity
compared
with
the
period
from
May
to
September.
Stablecoin
data
further
shows
that
Ethereum
has
more
USDT
hosted
than
Tron,
with
$60.3
billion
on
Ethereum
versus
$57.94
billion
on
Tron,
the
first
time
that’s
happened
since
June
2022.
Shaurya
Malwa
Shaurya
is
the
Co-Leader
of
the
CoinDesk
tokens
and
data
team
in
Asia
with
a
focus
on
crypto
derivatives,
DeFi,
market
microstructure,
and
protocol
analysis.
Shaurya
holds
over
$1,000
in
BTC,
ETH,
SOL,
AVAX,
SUSHI,
CRV,
NEAR,
YFI,
YFII,
SHIB,
DOGE,
USDT,
USDC,
BNB,
MANA,
MLN,
LINK,
XMR,
ALGO,
VET,
CAKE,
AAVE,
COMP,
ROOK,
TRX,
SNX,
RUNE,
FTM,
ZIL,
KSM,
ENJ,
CKB,
JOE,
GHST,
PERP,
BTRFLY,
OHM,
BANANA,
ROME,
BURGER,
SPIRIT,
and
ORCA.
He
provides
over
$1,000
to
liquidity
pools
on
Compound,
Curve,
SushiSwap,
PancakeSwap,
BurgerSwap,
Orca,
AnySwap,
SpiritSwap,
Rook
Protocol,
Yearn
Finance,
Synthetix,
Harvest,
Redacted
Cartel,
OlympusDAO,
Rome,
Trader
Joe,
and
SUN.
