On Black Friday, daily inflows into Ethereum ETFs surpassed those of Bitcoin ETFs, with bulls pushing ETH prices above $3,700, on track for a new all-time high.
On Friday, the daily inflow of Ethereum spot ETF surpassed that of Bitcoin spot ETF, becoming one of the ETFs with the largest single-day inflow. This is the first time that Ethereum ETF has reached this milestone since its launch, indicating a change in investor sentiment. As a result, ETH price surged again by 4.27%, breaking through $3,720, laying the foundation for the next rise to $5,000.
Ethereum ETF spot inflows continue to increase
Institutional demand for spot Ether ETFs is slowly warming up. Yesterday, the total inflow for the U.S. Ether ETF reached an astonishing $332 million, surpassing the daily inflow of $320 million for the Bitcoin ETF.
This marks the fifth consecutive trading day of net inflow for the Ethereum ETF. According to data from Farside Investors, on Friday, BlackRock's Ethereum ETF (ETHA) saw an inflow of $250 million, followed by Fidelity's FETH with an inflow of $79.1 million.
Nate Geraci, president of ETF Store, stated that since its launch in July, BlackRock's Ether ETF (ETHA) has seen total inflows exceeding $2 billion, highlighting strong demand from investors and growing institutional interest in Ethereum as a leading digital asset.
On the other hand, BlackRock's Bitcoin ETF (IBIT) saw an inflow of $137.5 million yesterday. This indicates that the rotation of funds from Bitcoin (BTC) to Ethereum (ETH) has already begun.
Although the inflow of the Ethereum ETF has been increasing, the inflow of the Bitcoin ETF has recently slowed down. Earlier this week, BlackRock's Bitcoin ETF (IBIT) saw zero inflow for two consecutive days. Recent reports also indicate that funds in BlackRock's traditional portfolio have recently purchased millions of shares of IBIT stock.
ETH price rising to $5,000?
Market analysts are optimistic about the price of Ethereum, predicting it will break through $5,000 and set a new historical high. As of the time of writing, the ETH price has risen again by 4%, pushing it up to the key resistance level of $3,700, with a short-term target of $4,000.
The price chart of Ethereum has confirmed a breakout from an inverted head and shoulders pattern, indicating the potential for bullish momentum in the future. Analyst 'Trader Tardigrade' stated that before ETH targets the expected high of $5,800, a retest of the range between $3,538 and $3,445 could provide the last buying opportunity at these levels.
The inflow of the Ethereum ETF may further drive up the price of ETH, allowing it to continue to set new historical highs. This may also open the long-awaited altcoin season, leading to a significant rise in the cryptocurrency market.
