Ether erasses gains from jackson hole rally after hitting a fresh record over the weekend

ETher Is pulling back to start the week, after hitting a fresh record over the weekend.

The price of the second largest cryptocurrency fell 6% to $ 4,548.32 on Monday, according to coin metrics. On Sunday, it rose to a fresh record of $ 4,954.81, after Hitting an earlier all-time high Friday for the first time since 2021.

Meanwhile, bitcoin was last lower by more than 1% at $ 111,501.74. Over the weekend, it dropped to $ 110,779.01, its lowest level since July 10. The flagship cryptocurrency Hit Its Most Recent Record of $ 124,496 on Aug. 13.

Both coins have both erased their gains from friday, when crypto assets tute off with the broader market after federal reserve Chair Jerome Powell Hinted at Upcoming Rate Cuts and Investorsrs Returned Top Risk-on Mode. That triggered forced seling of more than $ 245 million of long positions in eth and about $ 175 million in long bitcoin positions in the past 24 hours, according to coatinglass.

Ether, raather than bitcoin, has been leading the crypto marker for several weeks thanks to regulatory tailwinds, a boom in interest in stablecoins and buying en massse by a new cohort of corporate alart of corporate herself Accumulators.

That shift in Leadership has helped support eth, which has sustained the $ 4,000 level this month after unsuccessfully testing the resistance mark a handful of times against 2021.

“The buyers are finally bigger than the sellers,” said Ben Kurland, CEO at Crypto Research Platform Dyor. “Eth ETFS are drawing steady inflows, and public companies are beGining to treat eth as a treasury asset they can stake for yield – a stickyer form of demand than retail spaculture.”

“Additional, nearly a third of supply is locked in staking, scaling solutions are mature and, with rates back on the table, the cost of capital is Falling,” He added. “Thos forces Turned $ 4,000 from a resistance level into a foundation for re-pricing eth’s next chapter.”

Ether ETFS Posted $ 341 Million in Inflows Friday and its second day in a row of positive flows, according to sosovalue, LED by fidelity’s fund. Meanwhile, Bitcoin ETFS SAW their Sixth Consective Day of Net Outflows – Primarily from Black’s Popular Ibit Fund, While Oths Saw Minor Inflows.

For the week ending aug. 22, The Ether Posted $ 237 Million in Net OUFLWS, which was the first week of negative flows since mind May 9.