{"id":26955,"date":"2024-11-12T07:17:30","date_gmt":"2024-11-12T07:17:30","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/ethereum-is-starting-to-catch-a-bid-us-etfs-hit-record-295m-inflow\/"},"modified":"2024-11-12T07:17:34","modified_gmt":"2024-11-12T07:17:34","slug":"ethereum-is-starting-to-catch-a-bid-us-etfs-hit-record-295m-inflow","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/ethereum-is-starting-to-catch-a-bid-us-etfs-hit-record-295m-inflow\/","title":{"rendered":"\u2018Ethereum is starting to catch a bid\u2019 \u2014 US ETFs hit record $295M inflow"},"content":{"rendered":"
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The United States spot Ether exchange-traded funds (ETFs) recorded their biggest day of inflows in history, as the crypto market continues to rally after Trump\u2019s election victory.\u00a0<\/p>\n

The ETFs, which launched in July, recorded $294.9 million in inflows on Nov. 11 \u2014 smashing the previous record of $106.6 million on launch day.\u00a0<\/p>\n

The Fidelity Ethereum Fund (FETH) led the pack with $115.5 million in inflows \u2014 a record for the fund \u2014 while the BlackRock-issued iShares Ethereum Trust ETF (ETHA) was second with $100.5 million, according to Farside Investors and preliminary data from crypto news aggregator Tree News.<\/p>\n

The Grayscale Ethereum Mini Trust ETF (ETH) rounded out the top three with $63.3 million in inflows, while the Bitwise Ethereum ETF (ETHW) posted $15.6 million. All other US spot Ether ETFs recorded zero inflow.<\/p>\n

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Spot Ether ETF flows since Nov. 1. Note BlackRock\u2019s ETHA has not been updated in Farside Investors\u2019 flow table. Source: <\/em>Farside Investors<\/em><\/p>\n<\/figcaption><\/figure>\n

It comes as Ether (ETH) soared 8.4% to a 14-week high of $3,384 on Nov. 11 \u2014 in line with the broader market\u2019s near-10% price rise over the same timeframe, CoinGecko data shows.<\/p>\n

Ether is, however, playing catch up with Bitcoin (BTC), Solana (SOL) and other competitors that have outperformed it this bull cycle, BTC Markets crypto analyst Rachael Lucas said in a note to Cointelegraph.<\/p>\n

\u201cAfter being a laggard for most of this cycle Ethereum is starting to catch a bid,\u201d Lucas said, pointing to spot Ether ETFs gaining momentum after a relatively slow start.<\/p>\n

Lucas said Ether staking returns (not accessible through United States spot Ether ETFs) will also become more appealing to traditional investors as they consider Ether\u2019s bull case.<\/p>\n

\u201c[There\u2019s] no reason to believe ETH won\u2019t run well.\u201d<\/p>\n

Related: <\/strong><\/em>Ethereum hits $3.2K, surpassing Bank of America market cap<\/strong><\/em><\/p>\n

CK Zheng, a founder at ZX Squared Capital, told Cointelegraph that Ether would likely benefit from a pro-crypto Trump administration in the coming months:<\/p>\n

\u201cETH and SOL will perform well in the next few months if the new Trump administration actively promotes blockchain technology and speed up the digitalization in the financial industry.\u201d<\/p><\/blockquote>\n

Since launch, US spot Ether ETFs have accumulated almost $3.1 billion in inflows when excluding outflows from the Grayscale Ethereum Trust (ETHE), which has bled almost $3.13 billion.<\/p>\n

BlackRock\u2019s ETHA leads all with more than $1.5 billion worth of inflows since the investment products launched on July 23.<\/p>\n

Magazine:<\/strong><\/em> DeFi and Ethereum are the \u2018new narrative\u2019: Micha\u00ebl van de Poppe, X Hall of Flame<\/strong><\/em><\/p>\n