Wall Street turns bullish on Ethereum with record inflow to ETH ETFs

Ethereum (ETH) exchange-traded funds (ETFs) have seen five consecutive days of net-positive inflows for the first time, suggesting Wall Street investors have turned bullish on ETH.

Notably, the recent bullish activity has made the funds’ cumulative flows positive for the first time since the SEC’s approval. This marked a significant shift in Wall Street’s perception of Ethereum, which lagged behind Bitcoin’s (BTC) ETF demand since July.

Finbold gathered ETH ETF flow data from November 6 to 12 at CoinGlass, representing the unprecedented five consecutive positive days. Interestingly, November 11 had the largest total daily inflow of $295.50 million, with BlackRock’s ETHA absorbing $101.10 million.

Moreover, ETHA saw its largest daily inflow one day later, on November 12, buying $131.40 million of ETH. The financial behemoth activity massively dominated Tuesday’s flows, summing up to $135.90 million among all funds.

In total, all Ethereum exchange-traded funds have a lifetime inflow of $94.80 million, turning positive after BlackRock’s activity yesterday.

Context and expert opinions on Ethereum and ETFs

Commenting on the recent performance, Eric Balchunas, senior ETF analyst for Bloomberg, has shown optimism for Ethereum and its ETFs. The expert praised Grayscale’s ETHE lack of outflows in a week but still favors Bitcoin spot ETFs over ETH’s. Interestingly, BlackRock’s IBIT has seen record inflows during this current bull run, even surpassing gold ETFs.

“Trending in right direction, ETHE unlock appears to be over too- no outflows in 6 days. Sunny days ahead, altho still several country miles behind btc ETFs.”

– Eric Balchunas

Nevertheless, while Wall Street shows optimism, the crypto community saw growing skepticism and harsh criticisms against a proposed upgrade roadmap. This happened as the Ethereum researcher Justin Drake unveiled a proposal to improve the protocol’s consensus layer in a five to seven-year time window.

Jason Yanowitz, co-founder of Blockworks, expressed concerns about this roadmap, calling it “actual insanity.” Alex Krüger, a known trader and economist, deemed Ethereum a “dinosaur tech” that is “meant to underperform almost everything.”

Ethereum (ETH) price analysis

Meanwhile, ETH price reflects Wall Street’s bullish shift, recovering from a three-month accumulation zone, now trading at $3,236.

This rally is also sustained by some smart money whales who bought over $34 million, as Finbold reported. Ethereum is also shining in some fundamental metrics, particularly the Real Economic Value (REV) — being the ecosystem with the second-largest REV in the market, recently achieving an all-time high — losing only to Solana (SOL).

Featured image from Shutterstock