Ether has only -clocked the best monthly return in three years, which falls 56%, with an analyst called it similar to a “90s tech stock” behind the strong ETF flow.
ETH is currently trading at $ 3,862, which is superior than the opening of July 1 of $ 2,468, According to In coingecko.
It was marked earlier that Ether had given a monthly return of 50% or more of a single month since July 2022, when the ETH advanced 56.62%, According to In coinglass.
Eric Balchunas, the Senior Analyst of Bloomberg, who links the recent ETH price performance to net inflows seen throughout the funds exchanged by the Ether Exchange (ETF).
“Ether starting to look ’90s tech stock as ETFS catch fire,” Balchunas wrote in an x Post.
He even compared Ether to the “Fledgling Tech Stock in the ’90s,” in terms of accelerating the adoption and growth of the network, which differs from the “new gold” narrative of Bitcoin.
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The Ether Etf Inflow Streak hits 19 days
ETF ETF spots are in a 19-day net inflow streak this month, which corresponds to their longest stripes in history.
From July 3 to July 30, category funds raided over $ 5.37 billion. The highest net inflow was recorded on July 16, where net inflows in all funds stood at about $ 727 million.
Last week, Blackrock’s ishares Ethereum ETF has been Third-speed ETF to hit $ 10 billion The milestone, as the fund was managed to achieve this feat in just 251 days.
Meanwhile, in a rare example, net inflows in ether ETFs far beyond net inflows in bitcoin etf For six straight days in July.
Ethereum activity caught, says analyst
While ETH has rallied in price, not everyone is excited about the level of activity taking place at a protocol level.
“If we look at the actual income generated on the Ethereum network, it’s very low,” 10x research CEO Markus Thielen told cointelegraph, adding that Ethereum revenue has not climbed in any significant way in the last six months.
Last month, network activity was up to 5% and revenues were only 3%, according to Thielen. In addition, he noticed that 90% of price action last month came from the Asian time zone.
He remembered November 2021, when Ethereum made $ 1.5 billion a month in a market capitalization of $ 300 billion. It extrapolates with an annual harvest of 6%, which can be attractive to institutional investors.
The story is different now, with the Capitalization of the Ethereum market for $ 466 billion, while its annual income is only $ 764 million, According to At the token terminal.
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