US Ethereum spot ETFs (exchange-traded funds) continue to shine after mighty performance last week. After a period of significant outflows in recent weeks, cryptocurrency products have attracted great interest from investors in the United States.
As a result, Ethereum ETFs ended November, their best 30-day period since launch, on a positive note. This recent change in investor sentiment was also reflected in the price of Ethereum, which breached the $3,500 mark for the first time since July 2024.
For the first time in history, Ethereum ETFs overtook Bitcoin in a single day
Latest market data from SoSoValue can be seen that US Ethereum spot ETFs recorded total net inflows of $333 million on Friday, November 29. This marks the best single-day performance for cryptocurrency exchange-traded funds since their launch, surpassing the previous record of $295 million set on November 11.
Data division; The BlackRock ETH ETF (ticked ETHA) accounted for the bulk of the capital inflow, recording an inflow of $250 million on Friday. In second place was Fidelity’s Ethereum Fund (with the FETH ticker), recording an inflow of almost $80 million at the end of the week.
Interestingly, Grayscale’s Ethereum Mini Trust (with the ticker ETH) also saw a daily inflow of $3.39 million on Friday. Other U.S. Ethereum spot ETFs saw no capital flows at the close of the most recent five-day period.
Moreover, this single-day result marks the fifth consecutive day that Ethereum funds have seen net inflows. To start the week, crypto products saw a paltry $2.83 million inflow on Monday, November 25.
Source: SoSoValue
However, as the week progressed, inflows continued to enhance, with spot Ethereum ETFs recording $40.6 million and $90.1 million on Tuesday and Wednesday, respectively. Combined, these capital inflows bring weekly crypto product output to $466 million, almost shy of the record $515 million.
Interestingly, the record single-day inflow of $332 million marks the first time in history that Ethereum ETFs have outperformed their Bitcoin counterparts. Bitcoin spot funds have seen total net inflows, according to SoSoValue data $320 million.
Ethereum price at a glance
At the time of writing, Ethereum’s price is hovering around $3,700, with an enhance of 3% in the last 24 hours. The altcoin’s performance is more remarkable on a weekly basis. According to CoinGecko data, the second largest cryptocurrency has increased by almost 8% in the last seven days.
The price of Ethereum on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image by DALL-E, chart from TradingView
