Recent data shows a significant increase in the demand for ETH among retail and institutional investors since the beginning of the year, amid the spark of Ethereum ETF approval in May 2024.
This surge in demand reflects deep interest or usage of Ethereum’s overall services, reflecting positive momentum in the whole digital asset ecosystem. Another interesting sign of increasing interest in ETH is the accumulating pace of Ethereum and getting it staked on the network.
The MV/RV ratio for ETH has also grown in the past several days suggesting that many of ETHs holders were enjoying profits. This could make them more likely to sell their holdings, causing downward price pressure in the upcoming days.
As of now, at the time of writing this article, ETH is trading at around $2,640 (gained over 6% in the last 24 hours) with a market capitalization of $318 Billion.