Ether struggled to stay above $4,200 despite strong ETF demand. BitMine Immersion bought $10.6 billion worth of Ether, targeting 5% of the total supply. ETFs saw $547 million in inflows, signaling institutional interest amid declining onchain activity. Traders wonder if Ether can reach $4,800 again after dropping on Tuesday.

Spot Ethereum products gained $547 million in net inflows, reversing a downward trend. Concerns over a US government shutdown eased, boosting demand for digital assets. BitMine Immersion’s purchase of 234,800 ETH contributed to renewed interest in cryptocurrencies. A partnership between Consensys and SWIFT also supported Ether above $4,100.

Ethereum’s onchain activity declined, impacting Ether’s performance. Fees on Ethereum dropped 12% in the past month, while fees on other networks rose. Bullish investors await a $1.6 billion distribution from the FTX Recovery Trust, expecting reinvestment in cryptocurrencies. CoinGlass data shows potential $1 billion in short liquidations if Ether hits $4,350.

Read more at Cointelegraph: ETH Rejects $4.2K But ETF Inflows Are Bullish