Well, I’ll be a monkey’s uncle! On Monday, Ethereum ETFs were like a kid on Christmas morning, recording the biggest pile of presents in 30 days. Yet, ETH itself is napping like a hibernating bear, showing about as much excitement as a wet sock.
Seems like the market’s got a spring in its step ever since good ol’ Donald Trump took the reins, giving investors the courage of a lion, or at least the courage of a very brave house cat.
According to the folks at Glassnode, who keep a sharper eye on these things than a fox in a henhouse, US ETH spot ETFs raked in a whopping $227 million on Monday. That’s the biggest single-day gold rush since December 9. And all this while Trump’s waving the crypto flag like it’s the Fourth of July.
Now, you’d think with all this cash flooding in, ETH would be dancing a jig, but nope, it’s still as flat as a pancake. The latest Coinshares report says ETH sucked in $246 million last week, reversing its earlier leak like a sailor plugging a hole in a boat.Β
It’s a regular old paradox, ain’t it? The bigwigs are cozying up to ETH like it’s the next big thing, but the price is as lively as a rock.
And would you believe it? The futures market is as optimistic as a sunny day, with a positive funding rate that suggests everyone’s betting on ETH to wake up from its nap and run a marathon.
This funding rate, for the uninitiated, is like a little IOU passed between the optimists and the pessimists, keeping everything shipshape and Bristol fashion.
So, like I said, ETH’s got folks betting on it like it’s the Kentucky Derby favorite, even if it’s still in the stable, munching on hay.
Now, for the million-dollar question: Will ETH finally get off its duff and break through the $3,500 barrier? Right now, it’s lounging at $3,265, but if demand gets spicy, we might just see it make a run for it.
But if it keeps dozing off, and the bears start growling, ETH might slide right down to $3,022. Place your bets, folks!
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2025-01-21 15:06