Ethereum unable to breach $4,800, though spot ETFs on pace to hit record

Despite ethereum’s rally taking a breather, the cryptocurrency’s ETFs are on track to set a new weekly inflow record. 

US spot ethereum ETFs have recorded $2.2 billion of inflows this week so far, the most these investment vehicles have ever seen and a figure multitudes higher than spot bitcoin ETFs’ weekly inflows of $331 million, according to SoSoValue. The two days with the most ethereum inflows occurred in the same week, with Wednesday seeing $729.1 million and Monday producing $1 billion. 

Ethereum climbed to $4,779 in the last 24 hours, an almost four-year high, before correcting to about $4,500 Thursday morning. The token is now hovering just under the $4,700 level as of 10:50 a.m. ET.

• As a result of the price decline, centralized exchanges liquidated more than $182.4 million ethereum long positions in the last four hours, data from analytics platform CoinGlass shows. 

• Meanwhile, the exit queue for ethereum validators to unstake has shot up to 717,775 tokens worth $3.3 billion. The wait time for the exit line to clear is 12 days and 11 hours, which is higher than the entry queue wait of three days and 19 hours, according to blockchain explorer beaconcha.in. The total amount of tokens waiting to be unstaked is also at its highest point ever since staking withdrawals went live in 2023. 

• TheBlock reported that a whale address (0x815) that participated in ethereum’s initial coin offering sent $5.1 million worth of tokens to a Kraken deposit address on Thursday, bringing its total transfers to the centralized exchange to $24.1 million this week.