Ethereum Treasury Holdings Surge Past $13 Billion as ETH Price Tops $4,300
NEW YORK,August 12,2024 – Corporate holdings of Ether (ETH) exceeded $13 billion on August 11,coinciding wiht the cryptocurrency’s price rising above $4,300,according to data reported by Cointelegraph.
Blockchain analytics firm arkham reported on Saturday that Bitmine, led by Chairman Tom Lee, increased it’s ETH holdings by an additional $45 million, bringing the company’s total ETH treasury to $7 billion.
August Sees Strong Inflows for Ethereum etfs
August proved to be a notable month for Ethereum Exchange Traded Funds (ETFs), experiencing net inflows of approximately $2.79 billion.This contrasts with spot Bitcoin (BTC) ETFs, which saw net outflows of around $1.2 billion during the same period, as reported by Farside.co.uk.
Nate Geraci, President of Novadius Wealth Management, highlighted this shift in fund flows,describing it as a “remarkable shift” between spot Ethereum ETFs and spot Bitcoin ETFs.
Concurrently, Bitcoin dominance – a metric measuring Bitcoin’s share of the overall cryptocurrency market capitalization – increased by 5.88% over the past 30 days,reaching 58.19%. Analysts often attribute such shifts to capital flowing into the broader crypto market beyond Bitcoin.
Related: Ethereum Price Reaches New Record High – Perfect Storm for Altcoin Market Leader
