As Crypto ETF Inflows Soar, Ethereum (ETH) Crosses $4000
As of the most recent update, Ethereum (ETH), the second-largest cryptocurrency by market cap, is trading at about $4,048.73, having climbed 5.4% in the last 24 hours and broken above a critical resistance level of $4000.
Record-Breaking Inflows into Ethereum ETFs On Thursday, net inflows hit a new high, and this incredible jump reflects growing interest in spot ETFs. As the US presidential election results were being announced on November 6, ETH remained close around $2,500. But bitcoin and most cryptocurrencies had a steep surge once Trump's triumph became apparent.
ETH spent weeks stuck between $3,000 and $3,400, but last week it started to move, and it surged 14%. Just in the last day, ETH's price increased by more than 6%, causing it to rise over $4,000 for the first time since March. It briefly touched $4,100 before settling just below that level.
This remarkable surge seems to have been driven mainly by the revived interest in spot Ethereum ETFs. Ethereum exchange-traded funds (ETFs) have finally caught the attention of investors after months of being behind Bitcoin ETFs.
The previous high for a single day was $332.9 million on November 29. On December 5, net inflows reached $428.5 million, smashing the record.
The spike was most pronounced in ETHA (BlackRock), which received $292.7 million, and FETH (Fidelity), which received $113.6 million. This change indicates that there is a rising need for investment products that are centered on Ethereum.
