The cryptocurrency market is currently experiencing a strong bullish trend, with Ethereum leading the way. On July 14, Bitcoin briefly reached $123,000 before stabilizing. While Bitcoin saw a modest 0.7% increase in the last 24 hours, Ethereum surged by 7.3%, XRP by 7.7%, BNB by 3.4%, Solana by 5.2%, Dogecoin by 7%, and Cardano by 3.7%, indicating a potential altcoin season on the horizon.
The surge in Ethereum’s price can be attributed to the significant inflows into U.S. spot Ether ETFs. Data from Coinglass revealed that on July 14, there was a record-breaking $726.6 million net inflow into ETH ETFs, the largest daily intake since their launch. The top ETFs that received these inflows include BlackRock’s ETHA with $499.2 million, Fidelity’s FETH with $113.3 million, Grayscale ETHE with $33 million, Grayscale ETH with $54.2 million, Bitwise ETHW with $14.4 million, Franklin’s EZET with $5.1 million, VanEck’s ETHV with $3.7 million, and Invesco’s QETH with $3.7 million. Together, these ETFs now hold over 5 million ETH, which is nearly 4% of Ethereum’s total circulating supply.
The imbalance between Ethereum’s net issuance and institutional demand could create supply-side pressure, potentially driving ETH prices even higher in the near future. As of the latest data, Ethereum is trading at $3,378.77, reflecting a 40.4% increase since July 1 when it was at $2,403.27. The 14-day price gain is at 30.5%, indicating a growing interest from institutional investors and strong market sentiment.
The recent price movements suggest that a full-blown altcoin rotation is underway, with capital flowing into Ethereum and other major altcoins. This shift is evident as Ethereum and other altcoins are outperforming Bitcoin in terms of gains, signaling a potential altcoin season.
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