BlackRock’s iShares Ethereum Trust ETF (ETHA) witnessed a significant surge in inflows on November 8th, attracting $60.3 million. This marks the highest daily inflow for the fund in the past 94 days, according to Farside data.
The influx coincides with Ether’s price hovering near the $3,000 mark, reaching a high of $2,971, according to CoinMarketCap data.
That's $86m in total today
That's 3 straight days of pretty decent flows, and the $ETH ETF is finally coming out of dormancy
With 79m yesterday and 52m the day before
This has started after the election, pretty telling imo https://t.co/TKn4nfJnFA
— 🐧 Pentoshi (@Pentosh1) November 9, 2024
In the past week, ETHA accumulated a total of $84.3 million, while other Ethereum ETFs like Fidelity’s Ethereum Fund and VanEck’s Ethereum Fund also recorded substantial inflows. This trend follows BlackRock’s spot Bitcoin ETF, surpassing $1 billion in daily inflows.
Ether’s recent performance, including its largest weekly gains in six months, has contributed to the increased interest in Ethereum-based investments. This development has sparked speculation about a potential reversal in the ETH/BTC trend, where Ether could potentially outperform Bitcoin.
The growing institutional interest in Ether, as evidenced by the significant inflows into Ethereum ETFs, underscores the increasing mainstream acceptance of cryptocurrencies and their potential as investment assets. This trend is likely to further solidify the position of Ether and other cryptocurrencies in the global financial landscape.
