Institutional interest in Ethereum increased this week, leading US investors to pump more money into spot Ether (ETH) exchange-traded funds than Bitcoin funds during the past six trading days.
BlackRock’s ETHA and Fidelity’s FETH Lead the Way
The latest influx was most beneficial to BlackRock’s iShares Ethereum ETF (ETHA), which received $1.79 billion, or approximately 75% of the overall inflow for the six-day period. On the other hand, Thursday was a banner day for Fidelity Ethereum Fund (FETH), as the fund received $210 million in net assets. With a net inflow of $202 million on December 10, 2024, the fund surpassed its prior record by 4%.
In the last six trading days, spot Ethereum exchange-traded funds (ETFs) received approximately $2.4 billion, which is much more than the $827 million received by spot Bitcoin ETFs, as reported by Farside Investors. For each of the last six trading days, Ether ETF inflows have also surpassed Bitcoin ETFs.
Strategic Ether Reserves reports that as of right now, 2.31 million ETH, or 1.91% of the total circulating quantity, is held by firms with ETH in their treasuries. There has been a notable uptick in the demand for Ethereum among institutions. With its $2 billion in ETH purchases over the last 16 days, BitMine Immersion Technologies surpassed all other corporations as the biggest ETH holders.
US Bitcoin ETFs ended a 12-day inflow run on Monday, with a net outflow of $131 million for all spot Bitcoin ETFs. Prior to it, the total inflows over the last 12 days had reached $6.6 billion. “The price of ETH will touch $4,000,” says Michael Novogratz, CEO of Galaxy Digital. In addition, he predicted that, over the next six months, ETH would beat BTC.
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Source: https://thenewscrypto.com/us-spot-ethereum-etfs-outpaces-bitcoin-counterpart-for-six-straight-days/