The cryptocurrency market staged a capital carnival in December. The monthly net inflow of spot Ethereum exchange-traded funds (ETFs) exceeded US$2 billion in one fell swoop, setting a new record. This wave of capital influx is not only the "red envelope market" at the end of the year, but also a microcosm of the deep integration of traditional financial markets and the crypto field.
December: Ethereum ETF’s Highlight
According to SoSoValue data, a total of 9 spot Ethereum ETFs received net inflows of US$2.08 billion in December, almost double the net inflows in November.
Who is the champion? BlackRock!
BlackRock's ETHA fund led the way, contributing $1.4 billion and achieving net inflows for 13 consecutive days. Fidelity's FETH followed closely behind, attracting $752 million. However, the market was not harmonious - Grayscale's ETHE reported a net outflow of $274 million, becoming one of the few "losers".
Nick Ruck, director of LVRG Research, analyzed: "The arrival of new year funds, the adjustment of last year's holdings, and changes in market sentiment have driven this wave of inflows. At the same time, investors have rekindled their interest in Ethereum's prospects in DeFi and AI applications."
Market capitalization share rises: ETF becomes the new engine of the crypto market
As of now, the cumulative net inflow of spot Ethereum ETFs has exceeded US$2.6 billion, pushing the total net assets to US$12.12 billion, accounting for more than 3% of the total market value of Ethereum. This data shows that ETFs have become a key force in promoting market activity and liquidity.
How is market sentiment changing?
The December funding frenzy was also closely tied to Ethereum’s price action. In the middle of the month, Ethereum’s price briefly breached $4,000 before falling back to around $3,500. At the time of writing, Ethereum is trading at $3,409, up 2.23% over the past 24 hours.
Bitcoin ETF: Is its title at risk?
Although the net inflow of Ethereum ETF hit a record high in December, Bitcoin ETF still remains the king of the market. In December, the spot Bitcoin ETF attracted $4.5 billion. Although it was lower than the historical peak of $6.4 billion in November, its cumulative net inflow has reached $35.24 billion, and the total net assets have reached $105.4 billion, accounting for about 5.7% of the market value of Bitcoin.
On December 17, Bitcoin hit a new all-time high of $108,135, becoming the focus of the month. Currently, Bitcoin is trading at $95,556, up 2.18% in the past day.
Behind the scenes: the driving force behind capital inflows
Augustine Fan, head of insights at SOFA.org, said: “Traditional finance (TradFi) remains the main driving force behind the performance of spot ETFs. The continued influx of institutional funds shows that the financialization of Ethereum and Bitcoin has entered deep waters, and investor confidence and interest will continue to drive the market towards maturity.”
Conclusion: Where is the next wave of opportunities?
The December spot Ethereum ETF data not only illustrates the vitality of the market, but also foreshadows future potential. With the continuous expansion of the Ethereum ecosystem, especially the rise of DeFi and AI, 2024 will become a key year for the ETF track.
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