Originally published on: November 12, 2024
In a historic move, United States spot Ether exchange-traded funds (ETFs) saw a surge of $294.9 million in inflows on November 11, marking the largest influx in their history. This boost comes as the crypto market sees an upward trend following the recent US election results.
Leading the pack is the Fidelity Ethereum Fund (FETH) with a whopping $115.5 million inflow, setting a new record for the fund. Following closely behind is the BlackRock-issued iShares Ethereum Trust ETF (ETHA) with $100.5 million in inflows. The Grayscale Ethereum Mini Trust ETF (ETH) secured the third spot with $63.3 million influx, while the Bitwise Ethereum ETF (ETHW) recorded $15.6 million. Interestingly, all other US spot Ether ETFs showed zero inflow during this period.
The surge in ETF inflows coincides with Ether’s price surge, reaching a 14-week high of $3,384 on November 11. This 8.4% increase aligns with the broader market’s near-10% price rise, as per CoinGecko data.
Notably, Ether is now catching up with Bitcoin and other competitors that have outperformed it in recent times, according to BTC Markets crypto analyst Rachael Lucas. She noted that Ether is gaining momentum through spot Ether ETFs after a slow start, making it an attractive option for investors looking to diversify their portfolios.
Lucas also highlighted the appeal of Ether staking returns, which are not accessible through US spot Ether ETFs. This factor, combined with the overall bullish case for Ether, suggests a positive outlook for the cryptocurrency.
Looking ahead, experts speculate that Ether could benefit from a pro-crypto stance under the Trump administration. Since their launch, US spot Ether ETFs have witnessed a total of almost $3.1 billion in inflows, underscoring growing investor interest in the cryptocurrency market.
Exciting times lie ahead for Ethereum as it continues to gain traction and investor confidence. Stay tuned for more updates on this evolving market landscape.
