As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the recent surge in Ethereum ETF inflows has left me rather impressed. The record-breaking daily inflows of $295 million, as seen on November 11, are reminiscent of the frenzy surrounding Bitcoin ETFs a few weeks ago.
Once again, Ethereum ETFs are drawing attention, recording their largest daily influx since they were launched on Monday. Consequently, the price of Ethereum has climbed an extra 5.5%, reaching $3,370. This growth has increased Ethereum’s weekly gains to approximately 38%.
Spot Ethereum ETFs Steal the Show
Yesterday, on November 11, there was a significant increase in investments into the Ethereum ETF, reaching an all-time high of $295 million in one day. Leading the way was Fidelity’s FETH with a daily inflow of $115.5 million. Meanwhile, BlackRock’s ETHA also recorded $100 million in investments, and Grayscale mini-ETF (ETH) saw an inflow of $63.3 million, according to data from Farside Investors.
Since Donald Trump’s election win last week, there has been a steady increase in investments into Ethereum Exchange-Traded Funds (ETFs) each day since then. Over the past four days, these Ether ETF inflows have exceeded half a billion dollars ($500 million). Both BlackRock and Fidelity have played significant roles in this surge.
A record $295mil into spot eth ETFs today…
Now $500+mil inflows in 4 trading days since election.
— Nate Geraci (@NateGeraci) November 12, 2024
This indicates that the trend is definitely shifting towards Ethereum Exchange Traded Funds (ETFs), as they’re starting to match the substantial inflows observed in recent weeks with spot Bitcoin ETFs. On Monday alone, the influx into spot Bitcoin ETFs exceeded $1 billion, primarily driven by BlackRock’s IBIT.
According to analyst James Butterfill from CoinShares, this represents the biggest inflow of funds into Ethereum ETFs since their initial launch back in July. This surge occurred due to a growing number of investors seeking conventional investment vehicles as a means to gain access to prominent digital currencies.
ETH Price Action Ahead
According to recent reports, the cost of Ethereum has been experiencing an unrelenting surge, increasing by approximately 38% over the past week. With this momentum, Ethereum is poised to reach significant milestones, including a potential price of $4,000, and potentially reaching even higher all-time highs.
According to the technical analysis, the Ethereum price seems poised for an escape beyond the confines of its widening channel structure. If this breakout occurs, Ethereum’s value could potentially surge towards $5,450.
$ETH is Still Moving inside the Broadening Wedge Pattern..!!
imo, Party Will Start once the wedge Breaks out..
Midterm target : 5450$#Crypto #Ethereum #ETH
— Captain Faibik (@CryptoFaibik) November 12, 2024
In recent times, Ethereum has surpassed financial titans such as Bank of America due to its escalating worth exceeding $400 billion. Furthermore, investors in Ethereum derivatives are hopeful about sustained optimistic trends, as the value of Ethereum’s futures open interest peaked at an unprecedented $17.93 billion on Monday.
If Ethereum (ETH) maintains its robust performance, it’s likely that the entire altcoin market will thrive in the days ahead.
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2024-11-12 09:22