Weekly ETH spot ETF buying outpaces new supply

Purchases of ETH by U.S. spot Ethereum ETFs this week have outpaced the cryptocurrency's new supply, Cointelegraph reported, citing data from Farside Investors. The funds recorded approximately $474.6 million in net inflows for the week, driven by rising demand as institutional investors increase their ETH exposure. On-chain data further supports this trend, with the number of active Ethereum addresses over the past 30 days increasing by 53% month-over-month. Daily transactions also hit a new all-time high of 2.9 million on Jan. 16. From a technical perspective, Cointelegraph noted that ETH is forming a symmetrical triangle pattern on its daily chart. A breakout above the upper resistance line could see the asset recover to $4,500, with the potential for a further rally to $5,500.