The spot Ethereum ETFs have been once again in the limelight capturing the largest daily inflows since inception on Monday. As a result, the ETH price has also gained an additional 5.5% shooting all the way to the $3,370 level. With this move, ETH has extended its weekly gains to nearly 38%.
Spot Ethereum ETFs Steal the Show
Yesterday, November 11, the spot Ethereum ETF saw record inflows of $295 million hitting a new milestone for the daily inflows. Fiedlityโs FETH led the show with $115.5 million in daily inflows, On the other hand, BlackRockโs ETHA also saw $100 million in inflows while Grayscale mini-ETF (ETH) saw $63.3 million in inflows, per the data from Farside Investors.
Ever since Donald Trumpโs victory last week, the Ethereum ETF inflows have surged every consecutive day. In the past four days, the Ether ETF inflows have crossed more than $500 million. Both BlackRock and Fidelity have contributed to this majorly.
A record $295mil into spot eth ETFs todayโฆ
Now $500+mil inflows in 4 trading days since election.
โ Nate Geraci (@NateGeraci) November 12, 2024
This goes to show that the tide has been really turning around and Ethereum ETFs are also catching up with the inflows as seen by the spot Bitcoin ETFs in recent weeks. On Monday, the spot Bitcoin ETF inflows stood at over $1 billion, led by BlackRockโs IBIT.
CoinShares analyst James Butterfill highlights that these are the largest inflows since the launch of Ethereum ETFs in July. This happened as more investors turned to traditional financial products for exposure to major cryptocurrencies.
ETH Price Action Ahead
As said, the Ethereum price has been on an unstoppable rally with a 38% gain on the weekly chart. ETH is now looking forward to hitting key milestones of $4,000 and moving further to its new all-time high levels.
As per the technical chart, the ETH price is now eyeing a breakout from its broadening wedge pattern. Following this breakout, the bulls can take it all the way to $5,450.
$ETH is Still Moving inside the Broadening Wedge Pattern..!!
imo, Party Will Start once the wedge Breaks out..๐ฅ๐
Midterm target : 5450$#Crypto #Ethereum #ETH pic.twitter.com/qkcKhqEYKl
โ Captain Faibik ๐บ (@CryptoFaibik) November 12, 2024
Amid its recent surge, Ethereum has overtaken banking giants like Bank of America, as its valuation soars past $400 billion. Moreover, Ethereum derivatives investors are anticipating continued bullish momentum, with Ethereumโs futures open interest reaching a record high of $17.93 billion on Monday.
Thus, if ETH continues to show strength, the overall altcoin market will continue to flourish moving ahead from here.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
โ Share: