U.S. exchange-traded funds on Ethereum have recorded record investment inflows and trading volume - amid a rise in the value of the coin and the promotion of cryptocurrency bills supported by Donald Trump. Institutional interest in the second-largest cryptocurrency is intensifying, and Ethereum itself reached its highest level since January.

Details

Exchange-traded funds (ETFs) for the Ethereum cryptocurrency recorded record inflows and trading volumes on July 16. Investors poured $727 million into nine ETFs, which also recorded $2.6 billion in trading volume amid the coin's rising value, reports Bloomberg.

The volume of open positions on Ethereum futures on the CME Group exchange also reached a new high, indicating growing demand from institutional investors for the second-largest cryptocurrency, the agency writes.

The price of Ethereum rose 2.6% on Thursday to $3469, its highest level since January. Bitcoin fell 1.4% but continues to hold above $118,000.

Context

The growing interest in Ethereum funds comes amid so-called crypto week in the U.S. Congress: conservative Republicans on July 16 removed a two-day blockade of bills backed by U.S. President Donald Trump and the crypto industry, opening the way for a vote in the House of Representatives. The two-day stalemate raised doubts about whether Republicans in the House could overcome differences over crypto regulation to pass final versions of the laws to be signed into law by the president, reports CNBC.

This article was AI-translated and verified by a human editor

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