The Rush For Ether ETFs Intensifies, New Record

The crypto market is experiencing a historic new turning point as Ether spot ETFs have just recorded their largest capital inflow day. This outstanding performance, marked by an influx of $332.9 million on November 29, even surpasses investments in Bitcoin ETFs during the same period.

Ether spot ETFs break all daily inflow records

November 29, 2023, will be etched in the history of crypto ETFs. The nine American spot Ether ETFs collectively attracted $332.9 million in investments in a single day, shattering the previous record of $295.5 million set on November 11.

BlackRock, the global asset management giant, particularly stood out by capturing $250.4 million alone through its iShares Ethereum Trust (ETHA). Since its launch on July 23, this fund has already surpassed the $2 billion mark in assets under management, demonstrating the growing appetite of institutional investors for Ether.

This remarkable performance is accompanied by a rise in the price of Ether, which is now trading around $3,662, showing a progression of 1.88% over 24 hours. Analysts see this as a strong signal of investor confidence in the second largest crypto by market capitalization.

A turning point in the dynamics of the crypto market

This historic record marks a significant shift in the investment trends of the crypto sector. For the first time, inflows into Ether ETFs have surpassed those of Bitcoin ETFs, which recorded $320 million on the same day.

This evolution suggests a possible “altcoin rotation” as highlighted by Felix Hartmann, founder of Hartmann Capital, indicating that Wall Street is seriously starting to diversify its crypto investments beyond Bitcoin.

The trend has been confirmed over several days, with Ether ETFs maintaining positive flows even during periods when Bitcoin ETFs experienced capital outflows.

Between November 22 and 27, Ether ETFs accumulated $224.9 million in net inflows, contrasting with the $35.2 million for Bitcoin ETFs, particularly affected by a day of significant withdrawals on November 25.

This positive dynamic is set against a broader context of regulatory victories for the Ethereum ecosystem, notably a favorable decision from a U.S. court regarding decentralized finance (DeFi).

In summary, this historic performance of Ether ETFs could well mark the beginning of a new cycle in the crypto market, where institutional investors diversify their positions beyond Bitcoin. This evolution suggests a maturation of the market and increasing confidence in Ethereum’s technological potential.