BlackRock Ethereum ETF Eyeing $1 Billion Flow Milestone, SHIB Finally Shows Signs of Potential Price Reversal, 465,657 ETH Burned in 2024: Crypto News Digest by U.Today

Check out U.Today's top three news stories over the past day.

BlackRock Ethereum ETF eyeing $1 billion flow milestone

A new milestone is on the horizon for the BlackRock iShares Ethereum Trust (ETHA), as it is slowly but surely moving closer to the $1 billion mark in terms of money flow. The impending achievement shows ETHA's rising popularity among other issuers approved to trade a spot Ethereum ETF in the U.S. Data provided by Farside Investors demonstrates that, currently, money flowing into ETHA has exceeded $901 million. Thus, BlackRock emerges as the leader on the Ethereum ETF market, topping companies such as Fidelity Investments, Bitwise, Grayscale Investments and VanEck.

Shiba Inu (SHIB) "higher low" spotted: Trend reversal possibilities

Shiba Inu may be signaling the beginning of a trend reversal as a higher low pattern is forming on its chart. This technical development suggests the increasing possibility of upward movement after the recent downtrend. The chart shows that SHIB bounced and formed a higher low after finding support recently at the $0.000013 level. This indicates that buyers may be entering the market now in order to accumulate as the selling pressure may be decreasing. Considering that the price is not hitting new lows, the higher low is a crucial sign that the trend may be turning around. At the moment of writing, the SHIB token is trading at $0.00001372, down 0.66% over the past 24 hours, per CoinMarketCap.

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465,657 ETH burned in 2024, report reveals

CoinGecko, a popular crypto ranking platform, has recently shared a report on the amount of burned Ethereum since the start of 2024. As stated in the report, this year, as of Aug. 5, 2024, the Ethereum network has burned 465,657 ETH. Since EIP-1559 was implemented in June 2021, 4.36 million ETH have been burned. In March 2024, the network burned 147,620 ETH, reaching a monthly all-time high; however, this figure is still lower than the all-time high of 398,061 ETH burned in January 2022. When it comes to quarterly results, in Q1, 2024, 333,555 ETH were burned, while the number of ETH burned in Q2 stands at 107,725 ETH, representing a 67.7% decrease from the first quarter.