Ethereum spot ETFs performed exceptionally well over the past week, attracting massive inflows that far outstripped those of Bitcoin spot ETFs. The surge is largely attributed to a court ruling in favor of the decentralized finance system, which has boosted investor confidence in Ethereum’s future. According to Farside Investors, $224.9 million flowed into Ethereum spot ETFs during the period, compared to $35.2 million for Bitcoin spot ETFs.
Ethereum has surged 8% over the past week, surpassing $3,590. Some experts attribute the surge to Tornado Cash’s court victory, as well as expectations that Paul Atkins will take over as chairman of the Securities and Exchange Commission, which could lead to a more friendly regulatory environment for cryptocurrencies.
Ethereum price has seen a 7.7% increase over the past week, reaching $3,590, while Bitcoin price has fallen by 2%. This discrepancy has led to an Ethereum to Bitcoin price ratio of 0.037.
Despite the slowdown, spot Bitcoin ETFs still had a record month, receiving over $6.2 billion in new investments in November. Marcus Thielen, founder of 10x Research, believes that Tornado Cash’s partial victory has contributed to the rise in Ethereum’s price, as Ethereum is the backbone of most DeFi systems.
According to Thielen, reports that Paul Atkins may succeed Gary Gensler as head of the SEC have boosted investor confidence in Ethereum, leading to a surge in its price. This is because Atkins is seen as a cryptocurrency advocate, which means he may adopt more flexible regulatory policies.
