As the cryptocurrency market continued to surge after the election of Trump, the Ethereum spot ETF set a new record for the largest single-day inflow on November 11, with a net inflow of $295 million. Analysts say that Ethereum, which has been lagging behind in the past, is now starting to catch up with its competitors like Bitcoin and SOL that have outperformed it in this bull market.
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According to SoSoValue data, the Ethereum spot ETF had a total net inflow of $295 million on November 11, setting a new record for the largest single-day net inflow, surpassing the previous record of $106 million set on the launch day of the Ethereum spot ETF on July 23.
The Ethereum spot ETF with the largest single-day net inflow yesterday was Fidelity's FETH, with a net inflow of $115 million. FETH's total historical net inflow has now reached $673 million, followed by BlackRock's ETHA, with a single-day net inflow of $101 million and a total historical net inflow of $1.538 billion.
Grayscale's Ethereum Mini Trust ETF ETH ranked third with an inflow of $63.32 million, while Bitwise's ETHW had a net inflow of $15.57 million. All other Ethereum spot ETFs had zero inflows.
So far, the total net asset value of Ethereum spot ETFs is $9.72 billion, with an ETF net asset ratio (market capitalization as a percentage of Ethereum's total market capitalization) of 2.41%. The cumulative net outflow is $41.3 million, mainly due to the $3.14 billion net outflow from Grayscale's Ethereum spot ETF ETHE since its listing. Excluding ETHE's net outflow, the cumulative net inflow is close to $3.1 billion.
Ethereum expected to have a bullish outlook
According to Coingecko data, Ethereum, which had been sluggish for a long time, has been soaring continuously since the election of Republican presidential candidate Trump, currently trading at $3,365, a new high since July this year. The recent 7-day gain has reached 38.5%.
BTC Markets cryptocurrency analyst Rachael Lucas said that Ethereum is catching up with its competitors like Bitcoin and SOL that have outperformed it in this bull market. Ethereum has been lagging behind for most of this cycle, but is now starting to catch up. Ethereum spot ETFs are gaining momentum after a relatively slow start.
Rachael Lucas believes that Ethereum's staking rewards (currently not available through US Ethereum spot ETFs) will become more attractive to traditional investors as they start to consider Ethereum's bullish prospects, and there is no reason to believe that ETH will not perform well.
CK Zheng, founder of ZX Squared Capital, said that Ethereum may benefit from the incoming Trump administration, which is supportive of cryptocurrencies:
If the new Trump administration actively promotes blockchain technology and accelerates the digitalization of the financial industry, ETH and SOL will perform well in the coming months.
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