Record inflows into spot Ethereum ETFs, ETH price up 38%
Spot Ethereum ETFs topped the agenda on Monday with record-breaking inflows. With this development, the Ethereum price rose by 5.5% to $3,370, while its last weekly gain increased by 38%. The total inflow to Ethereum ETFs broke a new daily record with $295 million. Fidelity’s FETH ETF in particular made the biggest contribution with $115.5 million inflows. BlackRock’s ETHA ETF received $100 million inflows, while Grayscale’s mini-ETF closed the day with $63.3 million.
Following Donald Trump’s election victory, interest in Ethereum ETFs has increased. Inflows into Ether ETFs have exceeded $500 million in the last four days, with most of this growth coming from BlackRock and Fidelity.
Following a record $295 million inflow into spot Ethereum ETFs on Monday, the four post-election trading days have seen inflows exceeding $500 million. This suggests that Ethereum ETFs are competing with spot Bitcoin ETFs, which have seen large inflows recently. Spot Bitcoin ETFs saw inflows of more than $1 billion on Monday, with BlackRock’s IBIT ETF taking the lead.
CoinShares analyst James Butterfill noted that these entry levels are the highest recorded since the launch of Ethereum ETFs in July. Butterfill emphasized that more and more investors are turning to traditional financial products to invest in cryptocurrencies.
Ethereum has formed a strong uptrend, gaining 38% in recent weeks. ETH is currently targeting $4,000 and is heading towards new record highs. Technical analysis predicts that ETH is trading in an expanding triangle formation, and once this formation is broken out, the price could rise to $5,450. Such a breakout could cause the bull market to gain even more momentum.
Ethereum’s surge in value has pushed it ahead of major financial institutions like Bank of America and pushed its total market value above $400 billion. Open interest in the Ethereum futures market also hit new highs, reaching $17.93 billion on Monday.
If Ethereum continues its current momentum, the altcoin market may see overall growth. The high interest in Ethereum ETFs reinforces investors’ interest in cryptocurrencies, and ETH has the potential to perform strongly in the coming period.