ETH's price surged above $2,000 after the Upgrade.
Also, the number of withdrawn ETH since the hard fork has topped 1 million tokens.
Ether (ETH), the native
cryptocurrency of Ethereum, a decentralized blockchain with smart contract
functionality, attracted only US$0.3 million in digital asset investment product inflow
last week despite the Shapella Upgrade last Wednesday. Additionally, there was 'little
activity' in altcoins except for Polygon, which saw US$2.1 million of outflows last
week.
The Shapella Upgrade, which is also called the Shangial Upgrade, is a hard fork that enabled ETH stakers on Ethereum to withdraw their staked ETH from the Beacon Chain, which is a blockchain that was launched on Ethereum in December 2020. The upgrade is the latest major upgrade to the Ethereum blockchain since the Merge in September last year.
ETH Investment Inflows Lower than Pre-Upgrade
According to the latest Digital
Asset Fund Flows report by CoinShares, Europe’s largest digital asset
investment and trading group, Bitcoin continues to be the almost sole focus of
investors as investment inflows into digital assets reached US$104 million
last week.
In the week before the Upgrade,
CoinShares observed that ETH got only 'relatively minor'
investment inflows, with the figure coming in at US$0.6 million. In other words, the inflow last week is even
smaller than the pre-Upgrade week. Bitcoin during the week generated US$56
million of inflows, representing 98% of all inflows in that week.
Meanwhile, total inflows into
digital asset investment products last week reached US$114 million. CoinShares noted that the figure shows continued improvement in investor sentiment
towards digital assets.
However, the improving sentiment
comes at a time of very low volumes in the Bitcoin market, the report stated. Furthermore, inflows into digital assets over the last month totaled US$345 million, the report said.
“We believe this is a flight to
safety by investors fearful of the ongoing traditional finance challenges.
Opinion remains divided though, with short bitcoin seeing inflows totaling
US$14.6m last week,” CoinShares explained.
ETH Sees Price Rise, Token
Withdrawal Tops 1M
Meanwhile, after the Shapella
Upgrade last Friday, ETH topped $2,000, reaching its highest point since August
2022. In a survey conducted by cryptocurrency exchange OKX before the Upgrade, 63% of respondents (who
are members of Ethereum) said they expect the ETH price to peak at over US$5,000 by
the end of 2023.
As of press time, Ethereum went
down 2.27% in the last 24 hours, according to CoinMarketCap. However, the
native cryptocurrency still maintains its milestone of $2,000-plus. Additionally, the
market cap of the currency currently stands at about $248.6 billion.
Meanwhile, ETH withdrawals
topped 1 million tokens on Sunday, four days after the upgrade on April 12, 2023.
As of press time, beaconcha.in data's
shows that 1.05 million ETH has been withdrawn from the Ethereum-based Beacon Chain,
with 541, 725 withdrawals processed.
Ether (ETH), the native
cryptocurrency of Ethereum, a decentralized blockchain with smart contract
functionality, attracted only US$0.3 million in digital asset investment product inflow
last week despite the Shapella Upgrade last Wednesday. Additionally, there was 'little
activity' in altcoins except for Polygon, which saw US$2.1 million of outflows last
week.
The Shapella Upgrade, which is also called the Shangial Upgrade, is a hard fork that enabled ETH stakers on Ethereum to withdraw their staked ETH from the Beacon Chain, which is a blockchain that was launched on Ethereum in December 2020. The upgrade is the latest major upgrade to the Ethereum blockchain since the Merge in September last year.
ETH Investment Inflows Lower than Pre-Upgrade
According to the latest Digital
Asset Fund Flows report by CoinShares, Europe’s largest digital asset
investment and trading group, Bitcoin continues to be the almost sole focus of
investors as investment inflows into digital assets reached US$104 million
last week.
In the week before the Upgrade,
CoinShares observed that ETH got only 'relatively minor'
investment inflows, with the figure coming in at US$0.6 million. In other words, the inflow last week is even
smaller than the pre-Upgrade week. Bitcoin during the week generated US$56
million of inflows, representing 98% of all inflows in that week.
Meanwhile, total inflows into
digital asset investment products last week reached US$114 million. CoinShares noted that the figure shows continued improvement in investor sentiment
towards digital assets.
However, the improving sentiment
comes at a time of very low volumes in the Bitcoin market, the report stated. Furthermore, inflows into digital assets over the last month totaled US$345 million, the report said.
“We believe this is a flight to
safety by investors fearful of the ongoing traditional finance challenges.
Opinion remains divided though, with short bitcoin seeing inflows totaling
US$14.6m last week,” CoinShares explained.
ETH Sees Price Rise, Token
Withdrawal Tops 1M
Meanwhile, after the Shapella
Upgrade last Friday, ETH topped $2,000, reaching its highest point since August
2022. In a survey conducted by cryptocurrency exchange OKX before the Upgrade, 63% of respondents (who
are members of Ethereum) said they expect the ETH price to peak at over US$5,000 by
the end of 2023.
As of press time, Ethereum went
down 2.27% in the last 24 hours, according to CoinMarketCap. However, the
native cryptocurrency still maintains its milestone of $2,000-plus. Additionally, the
market cap of the currency currently stands at about $248.6 billion.
Meanwhile, ETH withdrawals
topped 1 million tokens on Sunday, four days after the upgrade on April 12, 2023.
As of press time, beaconcha.in data's
shows that 1.05 million ETH has been withdrawn from the Ethereum-based Beacon Chain,
with 541, 725 withdrawals processed.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
Revolut's Former Exec Launches $6.5M Crypto Exchange
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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