U.S. spot ETFs (ETFs) recorded their biggest day of inflows ever as the cryptocurrency market continues to surge following Trump’s election victory.
The ETFs, which launched in July, recorded inflows of $294.9 million on November 11, breaking the previous record of $106.6 million on launch day.
The leader of the ranking was the Fidelity Ethereum Fund (FETH) with inflows of $115.5 million, which is a record for the fund, while the iShares Ethereum Trust ETF (ETHA) issued by BlackRock was second with an inflow of $100.5 million, according to Father’s side Investors and preliminary data from the cryptocurrency news aggregator Tree News.
The top three were rounded out by the Grayscale Ethereum Mini Trust ETF (ETH) with inflows of $63.3 million, while the Bitwise Ethereum ETF (ETHW) recorded $15.6 million. All other US spot Ether ETFs saw zero inflows.
Spot Ether ETF flows from November 1. Note: The BlackRock ETHA Index has not been updated in the Farside Investors flow table. Source: Investors from Farside
This comes as Ether (ETH) surged 8.4% on November 11 to a 14-week high of $3,384 – in line with a nearly 10% price raise in the broader market over the same period, CoinGecko data can be seen.
Ether, however, is catching up with Bitcoin (BTC), Solana (SOL) and other competitors that have outperformed in this bull cycle, BTC Markets cryptocurrency analyst Rachael Lucas said in a note to Cointelegraph.
“After lagging for much of this cycle, Ethereum is starting to catch on,” Lucas said, pointing to Ether ETFs gaining momentum after a relatively ponderous start.
Lucas said Ether investment returns (not available through U.S. spot Ether ETFs) will also become more attractive to conventional investors when they consider the case of an Ether bull.
“[There’s] there is no reason to believe that ETH will not perform well.”
Related: Ethereum reaches a value of 3.2 thousand. dollars, exceeding the market capitalization of Bank of America
CK Zheng, founder of ZX Squared Capital, told Cointelegraph that Ether will likely benefit from the pro-crypto Trump administration in the coming months:
“ETH and SOL will perform well over the next few months if the new Trump administration actively promotes blockchain technology and accelerates digitalization in the financial industry.”
Since launch, U.S. spot Ether ETFs have accumulated nearly $3.1 billion in inflows, excluding outflows from the Grayscale Ethereum Trust (ETHE), which lost nearly $3.13 billion.
BlackRock-owned ETHA leads all with more than $1.5 billion in inflows since launching its investment products on July 23.
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