US Spot Ethereum Records Highest Daily Inflows Than Bitcoin for the First Time Since Launch
Ethereum ETFs Surge Past Bitcoin with $332M in Record-Breaking Inflows, Signaling a Shift in Investor Sentiment
Spot Ethereum (ETF) exchange-traded funds, for the first time, marked a significant milestone on November 29, 2024, by surpassing spot Bitcoin ETFs in daily inflows for the first time since its launch.
The total inflows into US Ethereum ETFs came to a total of a staggering $332 million overtaking the Bitcoin ETF daily inflows of $320 million. This shift highlights the growing institutional interest in Ethereum, amid the current “alt rotation”.
Record Breaking Inflows for Spot Ethereum ETFs
Spot Ether ETFs attracted a massive $332.9 million in inflows, surpassing the previous record of $295.5 million set on November 11. This influx outperformed the $320 million recorded by Bitcoin ETFs on the same day, a never-seen occurrence that indicates a shift in investor sentiment.
Furthermore, of all nine active Ethereum ETFs, only three contributed to the huge inflows. BlackRock’s iShares Ethereum Trust (ETHA) was at the lead. The world’s largest asset manager contributed $250.4 million to the total inflows. ETHA has continued to impress investors, solidifying itself as an investor favorite.
Others were Fidelity’s FETH with $79.1 million, and Grayscale which added $3.4 million which also contributed significantly to the record inflows.
Institutional Demand Drives Ethereum’s Growth
The recent uptick in Ethereum ETF inflows reflects a broader trend of growing institutional interest in altcoins. Over the past five trading sessions, spot Ether ETFs consistently recorded net positive inflows, while Bitcoin ETFs saw days of zero inflows or outflows.
Notably, this record shows that the capital rotation from Bitcoin to Ethereum has begun and that this might be the beginning for the coin to rally above its ATH amid an ongoing alt rotation.
Ethereum’s price has responded positively to the rise in ETF inflows, gaining 1.73% to surpass $3,660 according to CoinmarketCap data.
Moreover, the upward momentum has led analysts to predict new all-time highs, with targets set at $5,000 or more. Many market analysts predict this year could offer a last buying opportunity at this current price before Ethereum advances toward its projected high of $5,800.
