ETH Surpasses $3000 Amid Record ETF Inflows

The price of ETH has surpassed $3,000 for the first time in five months, rejuvenated by new all-time highs in Bitcoin that invigorate the overall crypto market. Previously, on February 2, ETH last crossed the $3,000 threshold, correcting sharply from December's high of $4,100 to an April low of around $1,387, influenced by economic uncertainties at the time. Despite this recent rise, ETH remains approximately 38% below its all-time high of $4,878, established in November 2021, trading currently at $3,024 after an 8.9% increase in the past 24 hours. On a notable note, BlackRock’s ETHA Ethereum ETF reported an unprecedented net daily inflow of $300.9 million on Thursday, coinciding with ETH’s resurgence above the $3,000 mark, as sourced from data by The Block. Over five days, total inflows have reached $623.4 million, surpassing the former record of $292.7 million set on December 5, 2024. The overall tally of U.S. spot Ethereum ETFs garnered $383.1 million in net inflows on Thursday, with Fidelity’s FETH, Grayscale’s ETH and ETHE, Bitwise’s ETHW, and VanEck’s ETHV also capturing net daily inflows of $37.3 million, $20.7 million, $18.9 million, $3.2 million, and $2.1 million, respectively. Other funds recorded no inflows. Nate Geraci, president of NovaDius Wealth Management, remarked on X about the new inflow record for iShares Ethereum ETF, noting it as the second-best day for spot Ethereum ETFs since their launch in July 2024. The top record stands at $428.5 million, also achieved on December 5, 2024. Bloomberg Senior ETF analyst, Eric Balchunas, suggested this trend would lead to substantial flow data based on prior posts noting high trading volumes. Earlier reports from The Block indicated that combined U.S. Spot Bitcoin ETFs recorded $1.18 billion in inflows on Thursday, marking their second-largest addition since launch as BTC breaks new all-time highs above $118,000. Disclaimer: The Block is an independent media outlet providing news and data. As of November 2023, Foresight Ventures is a majority investor of The Block, which operates independently to deliver timely information about the crypto industry.