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Ethereum Sees Strong Performance on Wall Street: Largest Inflow in Six Weeks

Ethereum is having a strong week on Wall Street. The second-largest cryptocurrency has attracted new capital for three consecutive days, with Tuesday marking its best day in six weeks. While the altcoin’s price has seen significant improvement recently, it is currently taking a brief pause.

Ethereum ETF launch

Photo: Alf Ribeiro/Shutterstock

Ethereum ETFs on Track for Best Week
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Ethereum’s exchange-traded funds (ETFs) are on track for their best week in some time, driven largely by a massive inflow on Tuesday.

On that day, the nine funds collectively attracted $177.7 million in new capital, according to data from Farside Investors—the highest inflow since October 28. The price of Ethereum also had a very good day, rising by over 6%.

On Monday, inflows amounted to $35.5 million, and on Wednesday, the net inflow was $57.6 million. In total, the funds have already raised $270.8 million this week.

With two days left in the week, a lot can still change, but it could be recorded as the best week since early October. At that time, the price was still above $4,700, just shy of its all-time high of $4,954. Yesterday, the price of Ethereum peaked at nearly $3,450 but has since fallen over 7% to trade around $3,200.

Ethereum isn’t the only cryptocurrency having a tough day today. Bitcoin, as well as other coins like XRP and Solana, are all trading significantly lower. The stock market is also struggling today.

This week is also shaping up positively for the U.S. funds tracking Bitcoin. Despite a false start with an outflow of $60.4 million on Monday, they have more than made up for it since, pulling in $151.9 million on Tuesday and $223.5 million on Wednesday.

Ethereum Outperforms Bitcoin
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Recently, Ethereum has been outperforming Bitcoin in the crypto market. In fact, since the beginning of the month, the altcoin has gained more ground than Bitcoin. Ethereum is up over 7%, while Bitcoin is trading at roughly the same level as the start of the month.

Furthermore, Ethereum has broken out in its chart against Bitcoin, suggesting this trend could continue for some time.

This is good news for other altcoins. The hope is that Bitcoin will cooperate and not slump again.