Ethereum Price Maps a Bullish Flag and Golden Cross as ETHB ETF Inflows Soar

Ethereum (CRYPTO: ETH) price remains in a consolidation phase and has formed a bullish flag pattern that may point to a strong breakout. It was trading at $2,458 on Saturday, up by over 63% from its lowest level this year.

ETHB ETF Inflows are Soaring

A key driver for the recent Ethereum price rally is the fact that American retail and institutional investors are piling into its ETFs. These funds added over $26 million in inflows on Friday, bringing the weekly increase to over $218 million. They added $1.8 billion in assets in August and now hold $15.57 billion in assets. 

A key driver to the ongoing ETH ETF inflows is the iShares Staked Ethereum Trust (NASDAQ:ETHB), which has become the fifth-biggest ETH fund. Since its launch in March this year, the fund has accumulated over $980 million in assets. It has already overtaken funds by top companies like Bitwise, VanEck, and Franklin Templeton.

ETHB is similar to other ETH ETFs, with the main difference being its staking capabilities. BlackRock stakes its assets, allowing investors to generate an annual return that normally compensates the 0.25% fee. Staked ETH tokens currently earn an annual return of about 2.65%. 

The ongoing ETH ETF inflows has coincided with that of other coins. Bitcoin (CRYPTO: BTC) ETFs have added $770 million in assets this month, while Ripple (CRYPTO: XRP) have had over $13 million in assets.