Investment Demand for ETH Soars: Spot ETF Fund Reaches Record Holdings
Growth of Ethereum Spot ETF Funds
Since their launch in July 2024, Ethereum Spot ETF funds in the U.S. have experienced significant growth in holdings, rising from 3.095 million ETH to a record high of 3.41 million ETH as of today.
This marks a sharp recovery from the low of 2.716 million ETH in September 2024.
πͺ ETH Supply and Deflationary Pressure
The total supply of ETH currently stands at 120.44 million, the highest level since April 2023.
However, the supply growth rate has slowed in recent months due to the increased amount of ETH burned through transaction fees since September, creating deflationary pressure on ETH.
π Ethereum Network Activity Continues to Grow
Daily Transactions: The total number of daily transactions has ranged from 6.5-7.5 million in 2024, compared to an average of about 5.0 million in 2023.
Contract Calls: Reaching 6-7 million calls per day this year, compared to an average of 5.0 million in 2023.
β© The increase in network activity has led to a higher amount of ETH being burned through transaction fees.
π ETH Valuation and Potential to Exceed $5k
If the current supply-demand dynamics continue, ETH could surpass the $5,000 mark.
According to the "real price" of ETH (the average price at which investors have purchased ETH), the current upper limit for ETH's price is estimated to be around $5.2k.
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