The US-based spot Ethereum ETFs (exchange traded funds) have continued to shine after a strong performance over the past week. After a period of significant outflows in recent weeks, crypto products have picked up again significant attention from investors in the United States.
As a result, Ethereum ETFs ended November on a positive note, marking their best 30-day period since launch. This recent shift in investor sentiment has also been reflected in Ethereum’s price, which has breached the $3,500 mark for the first time since July 2024.
Ethereum ETFs overtake Bitcoin in one day for the first time ever
The latest market data from SoSoValue shows that the US-based spot Ethereum ETFs saw total net inflows of $333 million on Friday, November 29. This represents the best performance among crypto exchange-traded funds since launch, surpassing the previous record of $295 million set on November 11.
Splitting the data; BlackRock’s ETH ETF (with the ticker ETHA) was responsible for the bulk of the capital inflows, recording an inflow of $250 million on Friday. In second place was Fidelity’s Ethereum Fund (with the ticker FETH), witnessing an inflow of nearly $80 million to end the week.
Interestingly, Grayscale’s Ethereum Mini Trust (with the ticker ETH) also posted daily inflows of $3.39 million on Friday. The other spot Ethereum ETFs in the US did not register any capital movement to close over the past five days.
More specifically, this single-day performance represents the fifth straight day of Ethereum funds recording net inflows. To start the week, crypto products recorded a paltry inflow of $2.83 million on Monday, November 25.
Source: SoSoValue
However, inflows strengthened as the week progressed, with spot Ethereum ETFs trading at $40.6 million and $90.1 million on Tuesday and Wednesday, respectively. Cumulatively, this one capital inflow estimates the weekly performance for the crypto products at $466 million, which remains just below the record high of $515 million.
Interestingly, the record single-day inflow of $332 million marks the first time in history that the performance of the Ethereum ETFs would surpass that of their Bitcoin counterparts. According to data from SoSoValue, spot Bitcoin exchange-traded funds recorded a total net inflow of $320 million.
Ethereum price at a glance
At the time of writing, the price of ether hovering around the $3,700 level, up 3% in the last 24 hours. The altcoin’s performance is more remarkable on the weekly time frame. According to data from CoinGecko, the second-largest cryptocurrency has risen almost 8% over 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