Ethereum (ETF) exchange-traded funds in the United States have recorded the highest inflow of funds in history, as the Cryptocurrency market continues to grow after Trump's election victory.
The ETFs, launched in July, recorded $294.9 million in investment on November 11 - breaking the previous record of $106.6 million on launch day.
The Fidelity Ethereum Fund (FETH) led with $115.5 million in inflows - a record for the fund - while the iShares Ethereum Trust ETF (ETHA) issued by BlackRock came in second with $100.5 million, according to Farside Investors and preliminary data from the Cryptocurrency news aggregator Tree News.
The Grayscale Ethereum Mini Trust ETF (ETH) ranked third with $63.3 million, while the Bitwise Ethereum ETF (ETHW) reached $15.6 million. Other spot Ether ETFs in the US did not have any inflows.
Inflows into Spot Ether ETFs from November 1. Note that BCH is not updated in the Farside Investors flow chart. Source: Farside Investors
This occurred as ETH rose 8.4% to a 14-week high of $3,384 on November 11 - in line with the broader market's near 10% gain over the same period, according to CoinGecko data.
While ETH is chasing BTC, Solana (SOL) and other competitors have outperformed ETH in this price cycle, BTC Markets' Cryptocurrency analyst Rachael Lucas said in a note to TinTucBitcoin.
"After lagging for most of this cycle, Ethereum is starting to attract attention," Lucas said, pointing to the accelerating inflows into spot Ether ETFs after a relatively slow start.
Lucas believes ETH's staking yields (not available through US spot Ether ETFs) will also become more appealing to traditional investors as they consider ETH's price upside.
"[There's no reason to believe ETH won't perform well.]"
CK Zheng, a co-founder of ZX Squared Capital, told TinTucBitcoin that ETH is likely to benefit from a Crypto-friendly Trump administration in the coming months:
"ETH and SOL will perform well in the next few months if the new Trump administration actively promotes blockchain technology and accelerates the digitization process in the financial industry."
Since their launch, US spot Ether ETFs have accumulated around $3.1 billion in investment, excluding outflows from the Grayscale Ethereum Trust (ETHE), which has declined by $3.125 billion.
BlackRock's ETHA leads with over $1.5 billion in investment since the investment products were launched on July 23.
