Spot Ethereum ETFs Surpass Single-Day Record With $333 Million Inflow — Details

by

As a seasoned crypto investor with over a decade of experience in this wild and volatile market, I can confidently say that the recent surge in US-based spot Ethereum ETFs has left me both impressed and intrigued. After witnessing several months of outflows, it’s heartening to see these products bounce back with such vigor.

US-listed Ethereum ETFs have been performing well lately, following a solid week of trading. Previously, there were large withdrawals, but now there’s renewed interest among American investors in these cryptocurrency investment products.

In other words, the Ethereum ETFs concluded November, their strongest 30-day stretch since debut, with optimistic results. This recent change in investor attitude is mirrored in the price of Ethereum, which has surpassed $3,500 for the first time since mid-July 2024.

Ethereum ETFs Overtake Bitcoin’s In A Single Day For The First Time Ever

On Friday, November 29th, data from SoSoValue revealed that US Ethereum ETFs experienced a collective inflow of approximately $333 million, marking their best one-day performance since inception and exceeding the previous record of $295 million set on November 11th.

On Friday, most of the investment capital flowed into BlackRock’s ETH ETF (ETHA), as it received approximately $250 million. Following closely behind was Fidelity’s Ethereum Fund (FETH), which gained nearly $80 million to end the week.

It’s worth noting that Grayscale’s Ethereum Mini Trust, denoted by the ticker ETH, saw an inflow of approximately $3.39 million on Friday. In contrast, other Ethereum ETFs in the US didn’t see any capital movement, ending the last five-day period without any movement.

Remarkably, for five consecutive days, Ethereum investment funds have been experiencing a daily net increase in assets. Starting the week, cryptocurrency products only saw an inflow of approximately $2.83 million on November 25th.

As the week progressed, the influxes intensified, with Ethereum ETFs registering $40.6 million and $90.1 million on Tuesday and Wednesday respectively. This weekly accumulation brought the total capital inflows to an impressive $466 million, narrowly missing the existing record of $515 million.

Remarkably, for the first time ever, the daily influx of $332 million into Ethereum ETFs is expected to outperform the Bitcoin ETFs’ performance. As per SoSoValue’s data, Bitcoin spot exchange-traded funds accumulated a total net inflow of $320 million.

Ethereum Price At A Glance

Currently, Ethereum’s price stands near $3,700, having risen by 3% over the past day. However, its performance truly shines on a weekly basis. As per CoinGecko data, Ethereum, the second-largest cryptocurrency, has experienced an almost 8% growth in the last seven days.

Read More

2024-12-01 15:11