• Ethereum ETFs launch has attracted increased investors’ interest to Layer 1 protocols.
• Ethereum falls to number five among top fee generating protocols.
• Ethereum may continue trading horizontally until Grayscale ETHE outflows cool.

Ethereum is up 3% on Monday following outflows across Ethereum ETFs and increased attention towards Layer 1 blockchain networks.

• Asset manager 21Shares partnered with Chainlink to enable the integration of its Proof of Reserve into 21Shares Core Ethereum ETF (CETH). The move will ensure that 21Shares is transparent about the assets backing CETH.
   
• Santiment social data shows that investors have shifted their attention from meme coins and low-cap tokens towards major Layer 1s like Ethereum, Bitcoin and Solana. The market has historically shown strength and occasionally rallied when investors focus more on large-cap tokens.