Spot Ethereum ETFs made headlines on Monday by reporting an unprecedented daily inflow, leading to a notable increase in Ethereum’s price. This surge of interest pushed the price of ETH up by 5.5%, reaching $3,370, and contributed to a weekly gain of approximately 38%.
What Caused the Surge in Ethereum ETF Inflows?
On November 11, the Ethereum ETFs achieved a remarkable milestone with $295 million in inflows. The FETH ETF from Fidelity was the star performer, attracting $115.5 million. Following closely were BlackRock’s ETHA ETF with $100 million and Grayscale’s mini-ETF, which finished the day with $63.3 million.
How Will ETH Price Respond to Increased Inflows?
The interest in Ethereum ETFs has surged significantly, especially after Donald Trump’s recent electoral win, with total inflows exceeding $500 million in just four days. Spot Bitcoin ETFs saw over $1 billion in inflows the same day, indicating a fierce competition in the market.
Key insights from this record-breaking month include:
- Spot Ethereum ETFs recorded the highest inflow on a single day since their inception.
- Interest in traditional financial products linked to cryptocurrencies is increasing.
- The price of ETH is on an upward trajectory, targeting the $4,000 mark.
Ethereum is currently on a strong upward trajectory, aiming for the critical $4,000 threshold while preparing for potential new highs. If ETH successfully breaks out of its current trading pattern, projections suggest it could soar to $5,450, indicating a bullish trend in the cryptocurrency market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/spot-ethereum-etfs-attract-historic-investment