Originally published on: December 06, 2024
In a historic move, Ether exchange-traded funds (ETFs) in the United States have witnessed their largest single-day inflow ever, marking a ninth consecutive day of positive flows for the surging cryptocurrency.
On December 5, the nine spot Ether ETFs collectively received an impressive inflow of $431.5 million, as reported by Farside Investors and Tree News. This milestone surpassed the previous record of $333 million set on November 29 and marked the highest daily inflow since the launch of the funds on July 23. Over the past two weeks, these Ether ETFs have accumulated more than $1.3 billion in total inflows.
The significant influx of funds has propelled the total net inflow to over $1 billion, signifying a steady increase as Grayscale’s Ethereum Trust slows its outflow. Notably, the BlackRock iShares Ethereum Trust dominated the day’s inflows with a record $295.7 million, bringing its total inflow to $2.3 billion.
Meanwhile, Fidelity’s Ethereum Fund saw an inflow of $113.6 million, Grayscale’s Ethereum Mini Trust received $30.7 million, and the Bitwise Ethereum ETF recorded $6.6 million in inflows. On the other hand, Grayscale’s Ethereum Trust experienced an outflow of $15.1 million, while the remaining funds reported neutral flows.
In a parallel trend, spot Bitcoin ETFs in the US also displayed strong momentum with a net inflow of $747.8 million across 11 funds on December 5. The BlackRock iShares Bitcoin Trust led the way with an inflow of $751.6 million, while Grayscale’s Bitcoin Trust saw an outflow of $148.8 million.
The surge in Ether ETF inflows correlates with a 16% price increase for spot ETH over the last two weeks, reaching an eight-month high of $3,946 on December 5. Analysts predict that Ether’s strength against Bitcoin, reflected in the ETH/BTC ratio, will continue to rise over the next six to 12 months after a period of underperformance.
With market dynamics evolving rapidly, investors are closely monitoring these developments to capitalize on emerging opportunities. The surge in Ether ETF inflows signals growing confidence in the cryptocurrency market’s potential for sustained growth and innovation.
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