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ETHEREUM PRICE COULD SKYROCKET TO $10,000 IN 2024, PREDICTS PROMINENT TRADER
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A prominent trader forecasts Ethereum (ETH) could surge to $10,000 in 2024, nearly tripling from its current $3,600 level.

Investment Surge

Last week, cryptocurrency investment products saw nearly $2 billion in inflows, extending a five-week trend to over $4.3 billion, reports CoinShares.

Exchange-traded products (ETPs) trading volumes hit $12.8 billion, up 55% from the previous week. Bitcoin led with $1.97 billion in inflows, while Ethereum saw its highest weekly inflows since March, totaling nearly $70 million.

ETFs Resurgence

U.S. spot Bitcoin ETFs have rebounded since mid-May. BlackRock's IBIT, after a sluggish April, became the largest Bitcoin ETF last week with over $20 billion in assets since January.

"Unusually, inflows were seen across nearly all providers, with a slowdown in outflows from incumbents," noted CoinShares analyst James Butterfill. "Positive price action pushed total assets under management (AuM) past $100 billion for the first time since March."

Butterfill attributed the ETH buying spree to the SEC's approval of spot ether ETFs, predicting continued inflows into ETH products and a potential year-end rally.

Expert Optimism

Ed Hindi, CIO at Tyr Capital, expressed optimism: "We could see $5-10 billion of fresh capital flowing into ether products soon, possibly fueling an end-of-year rally to new highs."

Hindi suggested a $10,000 price target for ETH in 2024, citing its deflationary nature and other supportive factors.

Regulatory Milestone

In May, the SEC approved key regulatory filings for ETH ETFs, marking a significant milestone. The approval includes ETFs from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest, 21Shares, Invesco Galaxy, and BlackRock, allowing them to list on major exchanges like Nasdaq, NYSE Arca, and Cboe BZX.

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