Spot Ethereum exchange-traded funds (ETFs) in the United States have recorded their highest inflows in six weeks, driven by the recovery in crypto markets following the U.S. presidential election. On Nov. 6, nine newly launched spot Ethereum ETFs saw net inflows totaling $52.3 million. While this figure was smaller than inflows into spot Bitcoin ETFs, it was still the highest for Ethereum funds since Sept. 27, according to Farside Investors.$ETH
Despite the leading BlackRock iShares Ethereum Trust fund showing zero flows, there was a large inflow. The bulk of the inflows were made to the Fidelity Ethereum Fund with $26.9 million, while the remaining $25.4 million went to the Grayscale Ethereum Mini Trust. The other seven spot Ethereum ETFs saw no inflows. However, the net total balance of all these products fell to a negative $490 million due to ongoing outflows in Grayscale’s high-fee ETHE fund. The ETHE fund has lost $3.1 billion in assets since converting to a spot ETF in July.
In contrast, 11 spot Bitcoin ETFs in the US recorded a net inflow of $621.9 million on November 6, reversing the outflow trend seen in the last three trading days. According to preliminary data from Farside Investors, the BlackRock iShares Bitcoin Trust had its second day of outflows, losing $69.1 million, while the fund had its busiest day with $4.1 billion in trading volume. The Fidelity Wise Origin Bitcoin Fund led the way in inflows with $308.8 million, the largest inflow since June 4. Bitwise, Ark 21Shares and Grayscale also saw inflows of more than $100 million into their products.
Spot crypto markets have gained 4% in the past 24 hours, bringing the total market value to $2.64 trillion. Bitcoin reached an all-time high above $76,000 late on Nov. 6. Ethereum gained 10% on the morning of Nov. 7, reaching $2,872, its highest level since early August.