Spot Ether exchange-traded funds (ETFs) in the United States achieved a new record for daily inflows on November 29th.
According to Farsidedata, $332.9 million entered the nine spot Ether (ETH) ETFs on November 29th, surpassing the previous daily inflow record of $295.5 million, which was reached on November 11th, by $37.4 million.
BlackRock responsible for the majority of daily inflows
BlackRock, the world’s largest asset manager, was accountable for $250.4 million out of the total inflows on November 29th. ETF Store president Nate Geraci highlighted in a November 29th Xpost that BlackRock’s iShares Ethereum Trust (ETHA) has now gathered over $2 billion in inflows since its launch on July 23rd.
At the time of publication, Ether is trading at $3,662, up 1.88% since November 28th, according to CoinMarketCap data.
Pseudonymous crypto trader Pentoshi stated in a November 29th Xpost, “Now we have early signs of this happening in ETH, as the flows begin to finally pick up, and sellers begin to get absorbed. It only takes time.”
Several crypto commentators were quick to note that the Ether ETF inflows on the same day were higher than the amount brought in by spot Bitcoin (BTC) ETFs, which was $320 million.
Hartmann Capital founder Felix Hartmann believes this is a signal that Wall Street is “officially joining the fun” on the “alt rotation.”
“ETH ETF flows have flipped BTC ETF flows for the first time,” crypto commentator Ethereum Vibin said in an Xpost.
Spot Ether ETF sees green, despite BTC ETF having outflow days
This is the first time that Ether ETFs have recorded higher inflows than spot Bitcoin ETFs on days when both experienced inflows. However, it follows several recent days where spot Ether ETFs maintained positive inflow days while spot Bitcoin ETFs experienced outflows.
On November 29th, Cointelegraph reported that Ether ETFs received more investment than their Bitcoin counterparts since November 22nd, as Ethereum’s decentralized finance (DeFi) ecosystem achieved a significant victory in a US court this week.
Spot Ether ETFs attracted $224.9 million in net inflows over the four trading days between November 22nd and 27th, while spot Bitcoin ETFs saw $35.2 million in net inflows mainly due to a heavy day of outflows on November 25th.