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5d ago

Ethereum Holds at $3,860 as $2.4B ETF Inflows Create Supply Squeeze

A 288% jump in network volume underscores growing activity with whales positioning for a push beyond $4,000.

Ethereum
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Ethereum rockets past $3.8k as shorts get crushed with $28m liquidated
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Overview

  • Spot Ethereum ETFs drew $2.4 billion this week and purchased 1.36 million ETH while only 72,513 coins were minted, intensifying a supply squeeze.
  • Ethereum’s on-chain volume climbed 288% over three weeks to exceed $10 billion, signaling renewed investor engagement.
  • ETH is consolidating just below $3,860 within bullish patterns such as an ascending triangle and a descending trendline breakout.
  • On-chain data reveals over 170 new whale addresses holding more than 10,000 ETH each have appeared since early July.
  • Layer 2 networks Arbitrum, Optimism and zkSync are reporting rising TVL and throughput, easing mainnet congestion ahead of the Dencun upgrade.