Ethereum funds are pouring in like crazy, with net inflows on a single day reaching four times that of last week

As Trump once again aspires to be elected, the cryptocurrency market has set off a funding boom in recent days, especially Ethereum (Ethereum) has received a large inflow of funds. On November 6, the net inflow of Ethereum spot ETF was as high as US$52.2884 million, four times that of the whole week last week! The influx of such a huge amount of funds shows that investors are optimistic about Ethereum and the soaring market demand. This market sentiment not only drives the price of Ethereum to rise, but also significantly increases its market value.

ETH price hits new high, up 7.39% on the day

On November 7, the ETH/USD exchange rate recorded a 7.39% intraday increase, reaching a three-month high. Since August 4, Ethereum's price performance has been relatively stable, but with the recent large influx of funds, the price has risen significantly and the market activity has increased significantly. This rise has attracted great attention from investors in the crypto market. Data shows that the net inflow of US Ethereum spot ETFs reached 13 million US dollars last week, but the single-day inflow this week far exceeded this figure.

BlackRock ETF holdings continue to increase, boosting Ethereum's market influence

BlackRock is one of the world's leading asset management companies, and its Ethereum exchange-traded fund (ETHA) has been growing in holdings. According to the latest data from BlackRock, as of November 1, ETHA's holdings have exceeded 450,000 ETH, totaling 466,274.98 ETH, with a market value of approximately US$1.168 billion. On November 6 alone, ETHA's net inflow amounted to US$65.5 million. This trend not only shows that institutions are increasingly interested in investing in Ethereum, but also shows that the recognition of cryptocurrencies in traditional financial markets is increasing.

Bitcoin performs strongly, can Ethereum become the next market focus?

Bitcoin still occupies a dominant position in the crypto market, with a market value of nearly $1.5 trillion and a record high of $76,400 on November 6. In addition, the $33 billion iShares Bitcoin Trust ETF also set a new record of $4.1 billion in trading volume on Wednesday, while the 12 Bitcoin ETFs in the US market had a total net inflow of $622 million per day. This strong performance pushed the total value of the global cryptocurrency market to $2.6 trillion. However, while Bitcoin has risen sharply, Ethereum's performance has also attracted more attention, and many investors expect it to gain a larger market share in the future.

FOMO sentiment boosts market heat

ETF analyst Eric Balchunas pointed out that the current market growth may be a reflection of the "FOMO" (fear of missing out) sentiment. This sentiment is similar to the situation of the ARK Innovation ETF in 2020, which also led to rapid growth due to the chasing trend. The high volatility and sharp price fluctuations in the crypto market have made the FOMO sentiment more obvious. Investors are unwilling to miss any possible opportunity to rise, which has led to an influx of market funds. As a leader in smart contract platforms, Ethereum has a rich ecosystem, which has also gradually formed a unique attraction for it outside of Bitcoin.

Currently, the net inflow and price performance of Ethereum spot ETFs indicate its strong potential in the market. In addition, analysts predict that the average price of Ethereum may reach $6,404 by the end of 2024.

As institutional and individual investors gradually gain acceptance of crypto assets, Ethereum may gain wider investment interest and continue to attract more capital in the coming weeks or months!$ETH

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