[ad_1]
The US-based spot Ethereum ETFs (exchange-traded funds) have continued to shine after putting in a strong performance in the past week. After a period of significant outflows in recent weeks, the crypto products have received significant attention from investors in the United States.
As a result, the Ethereum ETFs ended the month of November, its best 30-day period since launch, on a positive note. This recent shift in investor sentiment was also reflected in the price of Ethereum, which has crossed the $3,500 mark for the first time since July 2024.
Ethereum ETFs Overtake Bitcoin’s In A Single Day For The First Time Ever
The latest market data from SoSoValue shows that the US-based spot Ethereum ETFs saw a total net inflow of $333 million on Friday, November 29. This represents the crypto exchange-traded funds’ best single-day performance since launch, surpassing the former record of $295 million set on November 11.
Breaking down the data; BlackRock’s ETH ETF (with the ticker ETHA) accounted for the majority of the capital inflow, registering an influx of $250 million on Friday. Coming in second place was Fidelity’s Ethereum Fund (with the ticker FETH), witnessing an inflow of nearly $80 million to close the week.
Interestingly, Grayscale’s Ethereum Mini Trust (with the ticker ETH) also posted a daily inflow of $3.39 million on Friday. The other spot Ethereum ETFs in the US didn’t record any capital movement to close the last five-day period.
More notably, this single-day performance represents the fifth straight day of the Ethereum funds recording a net inflow. To kick off the week, the crypto products recorded a measly inflow of $2.83 million on Monday, November 25.
Source: SoSoValue
However, the inflows grew stronger as the week went on, with the spot Ethereum ETFs posting $40.6 million and $90.1 million on Tuesday and Wednesday, respectively. Cumulatively, these capital inflows put the weekly performance for the crypto products at $466 million, which just about falls short of the $515 million record.
Interestingly, the single-day inflow record of $332 million is the first time in history that the Ethereum ETFs’ performance would surpass that of their Bitcoin counterparts. According to data from SoSoValue, the spot Bitcoin exchange-traded funds registered a total net inflow of $320 million.
Ethereum Price At A Glance
As of this writing, the price of Ethereum is hovering around the $3,700 level, with a 3% increase in the last 24 hours. The altcoin’s performance is more remarkable on the weekly timeframe. According to data from CoinGecko, the second-largest cryptocurrency is up by almost 8% in the past seven days.
The price of Ethereum on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image created by DALL-E, chart from TradingView
[ad_2]
Source link
