BlackRock, the world’s biggest asset management company, recorded the highest daily inflow in 94 days for its spot Ether ETF, the iShares Ethereum Trust (ETHA). On November 8, the ETF saw a stunning $60.3 million in new investments. The recent inflow in capital shows renewed interest in Ether (ETH) as the crypto token experiences its strongest price rise in months.
In comparison, ETHA had last seen a similar significant daily inflow on August 6, when it received $109.9 million. This surge comes as Ether’s price ascends, now hovering the $3,000 mark. As of the time of writing, Ether’s price reached $3,0007, marking the highest level since August, according to CoinMarketCap data.
ETH Price Rally Post U.S. Election and Investor Interest
The recent Ether ETF influx is linked to the U.S. election result and Ethereum’s price rally, where the cryptocurrency saw its biggest weekly gains since May 2024. While Bitcoin’s price momentum slowed, Ether continued to rise, capturing the attention of both individual and institutional investors. Just In the past seven days, BlackRock’s Ether ETF has accumulated over $84.3 million in total inflows. This shows strong confidence from investors in the token and the general crypto market.
ETH Price Surges: 90-Day Streak Snapped Amid Whale MovesETH finally cracked a 5-month correction trend with a breakout fueled by the post-election rally.Despite whale profit-taking – like the $84M sell-off from a wallet holding 398,891 ETH – the coin showed resilience,… pic.twitter.com/7y73aU7R2g
— IBC Group Official (@ibcgroupio) November 9, 2024
Other Ether-based ETFs have also seen notable inflows. As Fidelity’s Ethereum Fund (FETH) recorded $18.4 million in daily inflows, VanEck’s Ethereum Fund (ETHV) brought in $4.3 million. While Bitwise’s Ethereum ETF (ETHW) also experienced an increase, with $3.4 million in new investments.
Ethereum’s Rise and Potential Shift in Market Trends
Alongside this Ether ETF investment spike, Ether’s value has shown a very strong rally, outpacing Bitcoin (BTC) in gains. In the last week, the ETH/BTC pair rose by 6%, signaling a potential shift where Ethereum could rival Bitcoin in market activity. Benjamin Cowen, founder of Into The Cryptoverse, shared his views on X (formerly Twitter). He suggested that Ethereum’s recent momentum could mark a trend reversal, with Ether potentially leading the crypto market.
For the 1st time in 3 years, there is an actual chance that #ETH / #BTC has bottomed. If it has not bottomed, the actual bottom should only be marginally lower than the current bottom of 0.03465.Evidence for a bottom:-ETH/BTC daily close back above 50D SMA. In 2016 and 2019… https://t.co/A4LqZey9AJ pic.twitter.com/UR1aWXNqA6
— Benjamin Cowen (@intocryptoverse) November 9, 2024
BlackRock’s move into Ethereum products follows a trend seen among asset management firms investing in blockchain assets. Only recently, BlackRock’s spot Bitcoin ETF surpassed $1 billion in daily inflows. This renewed interest in both Bitcoin and Ether shows a larger trend of traditional finance adopting digital assets worldwide. With Ether’s positive price momentum and BlackRock’s inflows, analysts see this as a potentially bullish period for Ethereum and, by extension, for the wider crypto market.
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