Ethereum futures are showing a bullish shift as funding rates rise, indicating increased buying activity among futures traders.
This uptick in demand suggests that market participants are becoming more optimistic about Ethereum’s short-term price potential.
#Ethereum Futures Signal Bullish Shift
“The rise in funding rates indicates an increase in buying activity among futures traders, signaling that market participants may be turning more bullish.” – By @ShayanBTC7
Link 👇https://t.co/8sSZpBCCTv pic.twitter.com/5XuWKAIfWG
— CryptoQuant.com (@cryptoquant_com) September 25, 2024
In addition to the futures market, Ethereum’s burn rate has skyrocketed by 163% over the past week. Historically, surges in burn rates have preceded price increases, as seen in January and October 2023. This could be a positive indicator for Ethereum’s price in the near future.
The daily $ETH burnt has increased by 163% over the past week!
Below is a chart showing the $ETH price and daily $ETH burnt.
From this chart, we can see that the daily $ETH burnt began to surge before the $ETH price increased in January and October 2023. pic.twitter.com/QOubaVLF2G
— Lookonchain (@lookonchain) September 25, 2024
Dormant Wallet For 9 Years Deposits 5 ETH To Kraken
A notable event occurred when an Ethereum ICO participant, dormant for over nine years, deposited 5 ETH (worth $13.3K) to Kraken. The participant initially received 2,000 ETH during the ICO at a cost of just $620, now valued at a staggering $5.34 million.
An #Ethereum ICO participant woke up after over 9 years of dormancy and deposited 5 $ETH($13.3K) to #Kraken.
The participant received 2,000 $ETH(ICO cost was $620, now worth $5.34M) at #GENESIS.https://t.co/VYbNI50KeC pic.twitter.com/NSiGNDJj2w
— Lookonchain (@lookonchain) September 25, 2024
On the institutional side, Visa has launched a Tokenized Asset Platform to help banks test tokenized assets and smart contracts, further signaling growing interest in Ethereum’s ecosystem. Spain’s BBVA bank is leading the way, targeting a 2025 pilot on Ethereum, showcasing how traditional finance is increasingly embracing blockchain technology.
https://twitter.com/Cointelegraph/status/1838918325042102469?t=h0MeFihHdDctjqrvvoSnUA&s=194
Ethereum spot ETFs are also seeing strong inflows, with a total of $62.51 million net inflow recorded recently. BlackRock’s ETHA ETF alone accounted for $59.25 million of this figure, highlighting the continued institutional appetite for Ethereum-based investments.
On September 24, Bitcoin spot ETFs had a total net inflow of $136 million. BlackRock ETF IBIT had an inflow of $98.8922 million. Ethereum spot ETFs had a total net inflow of $62.5108 million. BlackRock ETF ETHA had an inflow of $59.2512 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) September 25, 2024
With increasing activity in futures, rising burn rates, and major institutional support, Ethereum is poised for a bullish trend as it continues to solidify its position in both the retail and institutional markets.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: nexusplexus/123RF // Image Effects by Colorcinch
