Ether exchange-traded funds (ETFs) in the United States have recorded the highest inflow day in history as the Cryptocurrency market continues to grow following Trump's election victory.
The ETFs, launched in July, recorded $294.9 million in investments on November 11 — breaking the previous record of $106.6 million on the launch day.
Fidelity Ethereum Fund (FETH) leads with $115.5 million in inflows — a record for this fund — while the iShares Ethereum Trust ETF (ETHA) issued by BlackRock comes in second with $100.5 million, according to Farside Investors and preliminary data from the Cryptocurrency news aggregator Tree News.
Grayscale Ethereum Mini Trust ETF (ETH) ranks third with $63.3 million, while Bitwise Ethereum ETF (ETHW) reached $15.6 million. Other spot Ether ETFs in the US have no inflows.
Cash flows into the Spot Ether ETF since November 1. Note BCH is not updated in the Farside Investors flow table. Source: Farside Investors
This comes as Ether (ETH) rose 8.4% to a 14-week high of $3,384 on November 11 — in line with a nearly 10% price increase of the broader market during the same period, according to data from CoinGecko.
Although Ether is chasing Bitcoin (BTC), Solana (SOL) and other competitors have surpassed Ether in this bullish cycle, BTC Markets' Cryptocurrency analyst, Rachael Lucas, said in a note sent to TinTucBitcoin.
"After lagging behind for most of this cycle, Ethereum is starting to attract attention," Lucas said, pointing out that spot Ether ETFs are gaining momentum after a relatively slow start.
Lucas believes that the staking yields of Ether (not available through US spot Ether ETFs) will also become more attractive to traditional investors as they consider Ether's bullish scenario.
"[There is no reason to believe that ETH will not perform well.]"
CK Zheng, a founder of ZX Squared Capital, told TinTucBitcoin that Ether is likely to benefit from a pro-Cryptocurrency Trump administration in the coming months:
"ETH and SOL will perform well in the coming months if Trump's new administration actively promotes blockchain technology and accelerates digitization in the financial sector."
Since their launch, US spot Ether ETFs have accumulated about $3.1 billion in investments, excluding outflows from the Grayscale Ethereum Trust (ETHE), which has decreased by $3.125 billion.
BlackRock's ETHA leads with over $1.5 billion in investments since the investment products launched on July 23.
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