Ethereum Moves Past Bank of America (BOA) As Daily Spot Ether ETF Records All Time High

Ethereum has surpassed Bank of America (BoA) in marketcap as its valuation soar to $327 billion earlier today. This rise in valuation was led by  inflows into spot Ether ETFs surging above $100 million.

Ethereum Becomes 31st Largest Asset Globally

Over the last 15 days, Ethereum has added a massive $100 billion to its market cap in a quick recovery from the lows of $1,800 to $2,700. In this journey, the altcoin has overtaken top giants like Nestle, Alibaba, Coca-Cola, and now BoA. The top crypto Bitcoin also recently surpasses Amazon to become the fifth largest asset in the world.

Spot Ether ETF Inflows Closes Day at $110.54 Million

Spot ETH ETFs maintained a net inflow this week with demand peaking on Thursday. Data from Farside Investors shows that inflows into spot Ether ETFs surged past $100 million for the first time in a month. The key contributors to yesterday’s inflows were Grayscale Ether ETF at $43.7 million followed by Fidelity FETH at $42.2 million, while Grayscale mini-Ether ETF saw inflows at $18.7 million. The total inflow was recorded at $110.54 million across all the issuers.

The total monthly inflow is up by nearly 49% YTD showing a sharp increase in demand for ETH ETF products. The trend looks very bullish for holders and investors. As seen in chart below, the demand in demand in May has already surpassed previous best of January with a few more days of active trading left.

But, not all is well for Ethereum ETFs as US SEC yesterday delayed staking ETF application by 21shares. It is worth noting that investors can already trade Ethereum Futures ETF at CME.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.