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CryptoIntelligence 2024-11-30 08:27:14

Spot Ether ETFs Hit New Record as Rotation Begins

Spot Ether exchange-traded funds (ETFs) in the United States hit a new record for daily inflows on Nov. 29. Data from Farside reveals that $332.9 million flowed into the nine spot Ether ETFs on that day, surpassing the previous record of $295.5 million set on Nov. 11 by $37.4 million. BlackRock Leads the Inflows BlackRock, the world’s largest asset manager, accounted for $250.4 million of the total daily inflows. Nate Geraci, president of ETF Store, highlighted in a Nov. 29 post on X that BlackRock’s iShares Ethereum Trust (ETHA) has now amassed over $2 billion in inflows since its launch on July 23. At the time of writing, Ether was trading at $3,662, marking a 1.88% increase since Nov. 28, according to CoinMarketCap. Pseudonymous crypto trader Pentoshi commented in a Nov. 29 X post, “Now we have early signs of this happening in ETH, as the flows begin to finally pick up, and sellers begin to get absorbed. It only takes time.” ETH ETFs Overtake BTC ETFs Several crypto analysts noted that the Ether ETF inflows were higher than those of spot Bitcoin ETFs, which brought in $320 million on the same day. Felix Hartmann, founder of Hartmann Capital, stated that this indicates Wall Street’s growing interest in the “alt rotation.” “ETH ETF flows have flipped BTC ETF flows for the first time,” observed crypto commentator Ethereum Vibin in an X post. Consistent Positive Inflows This marks the first instance where Ether ETFs recorded higher inflows than Bitcoin ETFs on days when both had inflows. Notably, Ether ETFs have maintained positive inflows even during days of Bitcoin ETF outflows. Between Nov. 22-27, Ether ETFs recorded $224.9 million in net inflows, while Bitcoin ETFs tallied only $35.2 million, largely due to outflows on Nov. 25. This trend follows Ethereum’s recent success in a U.S. court, bolstering confidence in its decentralized finance (DeFi) ecosystem.