Originally published on: November 09, 2024
BlackRock, the world’s largest asset manager, has seen a significant increase in daily inflows into its spot Ether exchange-traded fund (ETF) after 94 days.
Clocking $60.3 million in inflows on Nov. 8, BlackRock’s iShares Ethereum Trust ETF (ETHA) experienced its highest amount since Aug. 6. This surge came as Ether’s price approached the $3,000 level for the first time since August, hitting a peak of $2,971, as reported by CoinMarketCap data.
Amidst the excitement of Ether hitting new highs, the influx of funds into ETHA coincided with the recent presidential election results. Many traders believe that the election outcome played a role in the surge of inflows into BlackRock’s ETF.
Over the course of seven days, ETHA accumulated a total of $84.3 million in inflows, showcasing a renewed investor interest in Ethereum.
In comparison, Fidelity Ethereum Fund (FETH) saw $18.4 million in daily inflows, followed by VanEck Ethereum Fund (ETHV) with $4.3 million, and Bitwise Ethereum ETF (ETHW) with $3.4 million.
The rising interest in Ether comes hot on the heels of BlackRock’s spot Bitcoin ETF surpassing $1 billion in daily inflows for the first time since its launch in January, representing a significant milestone for the crypto market.
As Ether continues to exhibit substantial weekly gains, outperforming Bitcoin in recent days, investors are closely monitoring the ETH/BTC chart for potential trend reversals and opportunities.
With Ether’s price reaching a quarterly high and the cryptocurrency market showing signs of recovery, experts are optimistic about the future of Ethereum and its potential to rally to $6,000.
In an ever-changing crypto landscape, the rise of Ether ETF inflows signals a growing interest in digital assets and a shift towards diversified investment portfolios. Stay tuned for more updates on the latest crypto trends and market developments. Subscribe to our Crypto Biz newsletter for exclusive insights and analysis delivered every Thursday.
