As I sat in my dimly lit chamber, surrounded by the shadows of doubt, I stumbled upon a report from the esteemed on-chain data provider, Glassnode. It spoke of the second most popular cryptocurrency, Ethereum, and its prospects for a bullish run after a month-long stagnation. My curiosity was piqued, and I delved deeper into the abyss of numbers and charts.
The Siren’s Call of Ethereum
This week, Ethereum’s price soared like a phoenix from the ashes, rising by 13.5% from $2,481 to $2,818. But, as I gazed upon the charts, I noticed a slight rebound of 2.16% over the past 24 hours, leaving it to trade at $2,765 per coin. The siren’s call of Ethereum beckoned, but I remained cautious, aware of the treacherous waters of the cryptocurrency market.
#Ethereum just broke out of a month-long range. Cost Basis Distribution shows 1.3M $ETH held around $2.70K and $2.74K, and 800K #ETH at $2.76K. These investors accumulated during consolidation and now will potentially form a strong support zone. 🤑
— glassnode (@glassnode) June 11, 2025
I chanced upon a tweet from the crypto analyst and trader, Ali Martinez, who advised caution, suggesting that a sustained close above $2,750 was necessary before getting bullish on Ethereum. Meanwhile, the savvy trader, Peter Brandt, highlighted Ethereum’s breakout, but with a hint of sarcasm, referred to it as a “meme coin,” implying that its price surge might be short-lived. 🤣
The 1.3 Million ETH Level: A Strong Support Zone?
Glassnode’s report revealed that Ethereum had broken out of its month-long price consolidation range. The Cost Basis Distribution analysis showed that an astonishing 1.3 million Ethereum coins were held by investors and traders at the $2,700 and $2,740 price marks, with approximately 800,000 ETH held at $2,760. These coins, accumulated during the consolidation phase, could potentially form a strong support zone if Ethereum continues its ascent. 🚀
BlackRock ETF’s Ethereum Shopping Spree
According to a tweet from analytics X account Lookonchain, on June 10, spot Ethereum exchange-traded funds (ETFs) absorbed a substantial 22,145 ETH, worth $61.38 million. BlackRock iShares Ethereum Trust led the pack, scooping up 13,620 ETH, valued at $37.75 million. 🤑
June 10 Update:
10 #Bitcoin ETFs
NetFlow: +3,565 $BTC(+$391.43M)🟢#Fidelity inflows 1,593 $BTC($174.86M) and currently holds 198,075 $BTC($21.75B).9 #Ethereum ETFs
NetFlow: +22,145 $ETH(+$61.38M)🟢#iShares(Blackrock) inflows 13,620 $ETH($37.75M) and currently holds 1,526,751…— Lookonchain (@lookonchain) June 10, 2025
Fidelity and Grayscale Ethereum Mini Trust also joined the shopping spree, acquiring 4,994 ETH and 3,761 ETH, respectively. Invesco Galaxy, however, acquired a mere three ETH, while the rest of the ETFs saw zero inflows, except for Grayscale Ethereum Trust, which faced an outflow of 233 ETH. 🤦♂️
The weekly inflows into spot ETH ETFs totaled 96,059 ETH, equivalent to $265,929,340. As I concluded my analysis, I couldn’t help but wonder: will Ethereum’s price surge be a fleeting moment of glory, or will it mark the beginning of a new era? Only time will tell. 🕰️
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2025-06-14 01:57