Ethereum ETFs See $524M in Inflows Across Two Days

U.S. spot Ethereum exchange-traded funds recorded an impressive $523.9 million in net inflows on Tuesday, following a record-breaking $1.02 billion on Monday. According to data from SoSoValue, six out of nine ether ETFs posted positive inflows, with BlackRock's ETHA leading at $318.67 million. Fidelity's FETH attracted $144.9 million, while Grayscale's Mini Ether Trust saw $44.25 million in net inflows. This marks the sixth consecutive day of positive inflows for ether funds, accumulating a remarkable total of $2.33 billion. Currently, spot ETH ETFs hold $27.6 billion in net assets, equating to approximately 4.8% of Ethereum's overall market capitalization. Nate Geraci, the President of NovaDius Wealth, noted that these inflows signify a significant shift away from bitcoin ETFs, which dominated the market last year and early this year. In contrast, spot bitcoin ETFs recorded only $65.9 million in inflows on Tuesday. "I believe spot ETH ETFs were greatly underestimated because traditional finance investors didn't fully grasp ETH's potential," Geraci commented on X. "Now they are recognizing it as the 'backbone of future financial markets', and this message is resonating." Ether itself has seen a substantial price increase, rising 8.5% over the past day to reach $4,667, approaching its all-time high of $4,878.26 established in November 2021. The growth in Ethereum’s price is also supported by the increasing number of companies adopting a corporate treasury strategy based on the cryptocurrency, with estimated ETH holdings around $8.9 billion as of Monday, according to The Block's data. Disclaimer: The Block is an independent media entity focusing on news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block, which operates independently to provide objective insights into the crypto industry. This article is for informational purposes only and does not constitute financial or investment advice.