US-based Ethereum spot ETFs (exchange-traded funds) continued to shine after last week’s strong performance. After a period of significant outflows in recent weeks, cryptocurrency products have received significant interest from investors in the United States.
As a result, Ethereum ETFs ended November, their best 30-day period since their launch, on a positive note. This recent shift in investor sentiment was also reflected in the price of Ethereum, which crossed the $3,500 level for the first time since July 2024.
Ethereum ETFs Outperform Bitcoin in a Single Day for the First Time Ever
Latest market data from SoSoValue He appears US-based cryptocurrency exchange-traded funds saw a total net inflow of $333 million on Friday, November 29. This represents the best single-day performance for crypto ETFs since launch, surpassing the previous record of $295 million set on November 11. .
Data partitioning; BlackRock’s ETH ETF (with the symbol ETHA) accounted for the majority of the capital inflow, recording an inflow of $250 million on Friday. Fidelity’s Ethereum Fund (ticker FETH) came in second place, seeing an inflow of nearly $80 million to close the week.
Interestingly, Grayscale’s Ethereum Mini Trust (with ETH ticker) also recorded a daily inflow of $3.39 million on Friday. Other US Ethereum ETFs did not record any capital movement to close the last five-day period.
Notably, this one-day performance marks the fifth consecutive day in which Ethereum funds recorded net inflow. At the beginning of the week, cryptocurrency products recorded a meager inflow of $2.83 million on Monday, November 25.
Source: SoSoValue
However, inflows increased as the week went on, with Ethereum ETFs recording $40.6 million and $90.1 million on Tuesday and Wednesday, respectively. Cumulatively, these capital inflows put the weekly performance of cryptocurrency products at $466 million, just short of the record high of $515 million.
Interestingly, the record single-day inflow of $332 million is the first time in history that Ethereum ETFs have outperformed their Bitcoin counterparts. According to data from SoSoValue, Bitcoin ETFs recorded a total net inflow of $320 million.
Ethereum price at a glance
As of this writing, Ethereum price is hovering around the $3,700 level, with a 3% increase over the past 24 hours. The performance of the altcoin is more pronounced on the weekly time frame. According to data from CoinGecko, the second-largest cryptocurrency has risen nearly 8% in the past seven days.
The price of Ethereum on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image created by DALL-E, chart from TradingView
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