The US-based spot Ethereum ETFs (exchange-traded funds) have continued to shine after putting in a powerful performance previously week. After a period of great outflows in recent weeks, the crypto products have received significant attention from investors in america.
Because of this, the Ethereum ETFs ended the month of November, its best 30-day period since launch, on a positive note. This recent shift in investor sentiment was also reflected in the worth of Ethereum, which has crossed the $3,500 mark for the primary time since July 2024.
Ethereum ETFs Overtake Bitcoin’s In A Single Day For The First Time Ever
The most recent market data from SoSoValue shows that the US-based spot Ethereum ETFs saw a complete net inflow of $333 million on Friday, November 29. This represents the crypto exchange-traded funds’ best single-day performance since launch, surpassing the previous record of $295 million set on November 11.
Breaking down the information; BlackRock’s ETH ETF (with the ticker ETHA) accounted for the vast majority of the capital inflow, registering an influx of $250 million on Friday. Coming in second place was Fidelity’s Ethereum Fund (with the ticker FETH), witnessing an inflow of nearly $80 million to shut the week.
Interestingly, Grayscale’s Ethereum Mini Trust (with the ticker ETH) also posted a day by day inflow of $3.39 million on Friday. The opposite spot Ethereum ETFs within the US didn’t record any capital movement to shut the last five-day period.
More notably, this single-day performance represents the fifth straight day of the Ethereum funds recording a net inflow. To kick off the week, the crypto products recorded a measly inflow of $2.83 million on Monday, November 25.
Source: SoSoValue
Nonetheless, the inflows grew stronger because the week went on, with the spot Ethereum ETFs posting $40.6 million and $90.1 million on Tuesday and Wednesday, respectively. Cumulatively, these capital inflows put the weekly performance for the crypto products at $466 million, which nearly falls in need of the $515 million record.
Interestingly, the single-day inflow record of $332 million is the primary time in history that the Ethereum ETFs’ performance would surpass that of their Bitcoin counterparts. In keeping with data from SoSoValue, the spot Bitcoin exchange-traded funds registered a complete net inflow of $320 million.
Ethereum Price At A Glance
As of this writing, the price of Ethereum is hovering across the $3,700 level, with a 3% increase within the last 24 hours. The altcoin’s performance is more remarkable on the weekly timeframe. In keeping with data from CoinGecko, the second-largest cryptocurrency is up by almost 8% previously seven days.
The worth of Ethereum on the day by day timeframe | Source: ETHUSDT chart on TradingView
Featured image created by DALL-E, chart from TradingView