ETFs accumulate 158,545 Ethereum worth $520 million as network shows strong growth

Exchange-traded funds (ETFs) have been accumulating Ethereum, with 158,545 ETH purchased. This comes amid a period of growth for the Ethereum network, which is seeing increased activity while its price remains below its all-time high.

ETFs Increase Ethereum Holdings Amid Market Uncertainty

Exchange-traded funds (ETFs) have added over 158,000 Ethereum (ETH) to their holdings since December 29, 2023. At current prices, the value of these assets is around $520 million. This activity comes as Ethereums network shows stronger usage, even though the price remains under its previous high.

The accumulation of such a large amount of Ethereum by ETFs could indicate a belief in Ethereum‘s potential, despite its current price not being at its peak. The funds may be positioning themselves to benefit from future growth, as Ethereum’s network shows strong fundamentals.

This accumulation is seen as a sign of growing interest in Ethereum, especially with its expanding network activity. As of press time, the Ethereum price is trading at $3,098 with a 24-hour trading volume of $22.897B. Ethereum is down 3.40% in the last 24 hours, with a live market cap of $374.007B.

Ethereum Shows Growth as it Reaches Record High Transactions

Meanwhile, Ethereums network has seen impressive growth despite its price remaining 36% lower than its all-time high of $4,878. The 7-day average transaction count has grown significantly over the past year, from 1.25 million to 2.43 million. This increase represents nearly 94% growth in a year.

Ethereum is showing a clear divergence between price and fundamentals.

Transaction fees have also decreased, falling to around $0.15, making it the lowest level since 2019. The analyst noted that $ETH processed roughly 700,000 transactions per day the last time fees were this low. Adding that, “Today, the network is handling more than three times that activity.”

However, based on DFarmer, Ethereums network has recently hit an all-time high for transaction counts, further demonstrating its growing strength. The network is handling more transactions than ever before, with average gas fees remaining low.

This combination of high network activity and low transaction fees signals that Ethereum is continuing to improve. Despite the lower price compared to its all-time high, the strong fundamentals suggest that Ethereum may be in a good position for future growth.