Spot Ether exchange-traded funds (ETFs) in the United States reached a new record for daily inflows on Nov. 29.
According to Farsidedata, $332.9 million flowed into the nine spot Ether (ETH) ETFs on Nov. 29, surpassing the previous daily inflow record — $295.5 million reached on Nov. 11— by $37.4 million.
BlackRock responsible for majority of daily inflows
BlackRock, the world’s largestasset manager, was responsible for $250.4 million of the total inflows on Nov. 29. ETF Store president Nate Geraci pointed out in a Nov. 29 Xpostthat BlackRock’s iShares Ethereum Trust (ETHA) has now notched over $2 billion in inflows sincethe product launched on July 23.
At the time of publication, Ether is trading at $3,662, up 1.88% since Nov. 28, according to CoinMarketCapdata.
Pseudonymous crypto trader Pentoshi said in a Nov. 29 Xpost, “Now we have early signs of this happening in ETH, as the flows begin to finally pick up, and sellers begin to get absorbed. It only takes time.”
Several crypto commentators were quick to point out that the Ether ETF inflows were higher than spot Bitcoin (BTC) ETFs brought in on the same day, $320 million.
Hartmann Capital founder Felix Hartmann believes it is a signal that Wall Street is “officially joining the fun” on the “alt rotation.”
“ETH ETF flows have flipped BTC ETF flows for the first time,” crypto commentator Ethereum Vibin said in an Xpost.
Spot Ether ETF sees green, despite BTC ETF having outflow days
It is the first time that Ether ETFs recorded higher inflows than spot Bitcoin ETFs on days when both saw inflows. However, it follows several recent days where spot Ether ETFs maintained positive inflow days while spot Bitcoin ETFs experienced outflows.
On Nov. 29,Cointelegraph reported that Ether ETFssaw more money from investors than their Bitcoin counterparts since Nov. 22, as Ethereum’s decentralized finance (DeFi) ecosystem scored a key victory in a US court this week.
Spot Ether ETFs took in$224.9million in net inflows over the four trading days between Nov. 22-27, while spot Bitcoin ETFs tallied$35.2million in net inflows due mainly to a heavy day of outflows on Nov. 25.