Funding activity in the altcoin market has exploded, and for Ethereum, the trend is even more pronounced. Consecutive green weeks in ETF flows have revived hope across both institutional and retail segments of the market, a reflection of Uptober’s typically bullish behaviour.
Bitmine Immersion Technologies, for instance, brought its total Ethereum buy to around 2.83M, after adding another 179,251 ETH worth $821 million last week.
At the time of writing, Ethereum trades near $4,340.4, down 3.42% over the past day. Analysts believe the recent decline will be short-lived, citing that strong correlation between ETF inflows (which totaled $1.3 billion in September alone) and reduced volatility are conditions that often precede sustained bullish runs. Ethereum could cross the $5K milestone before January.