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Ethereum spot ETFs have hit a new record with $295 million in inflows on November 11, pushing the four-day total beyond $500 million. Fidelity and BlackRock ETFs led the way, capitalizing on a post-election price surge that has ETH nearing major milestones.
Record Ethereum ETF Inflows Spark Market Optimism
According to Coingape, inflows into the spot Ethereum ETF reached a new daily high of $295 million yesterday, November 11.
Daily inflows to Fidelity's FETH were $115.5 million, followed by BlackRock's ETHA at $100 million and Grayscale mini-ETF (ETH) at $63.3 million, according to statistics from Farside Investors.
Daily inflows into Ethereum ETFs have soared since Donald Trump's victory last week. Ether ETF inflows have surpassed $500 million in the last four days. This is mostly due to the efforts of BlackRock and Fidelity.
Post-Trump Victory Drives Ether ETFs Past $500 Million in Four Days
Just like spot Bitcoin ETFs, Ethereum ETFs have been seeing increased inflows in recent weeks, proving that the tide is changing. Spot Bitcoin ETF inflows exceeded $1 billion on Monday, with BlackRock's IBIT serving as the leader.
According to James Butterfill, an analyst at CoinShares, these are the biggest inflows seen since Ethereum ETFs were launched in July. This occurred because an increasing number of investors sought exposure to big cryptocurrencies through more conventional financial products.
Ethereum Price Surge and Technical Outlook Show Bullish Momentum
According to the previous statement, the price of Ethereum has been steadily rising, with a weekly increase of 38%. Now that it has passed the $3,000 mark, Ethereum is aiming to reach new all-time highs.
The technical analysis shows that the price of ETH is currently about to break out of its expanding wedge pattern. The bulls have a chance to push prices as high as $5,450 after this breakout.
Ethereum’s Market Cap Surpasses $400 Billion, Boosting Altcoin Market Outlook
Due to its recent climb, Ethereum's worth has surpassed $400 billion, putting it ahead of banking heavyweights like Bank of America. Additionally, investors in Ethereum derivatives are hoping for more bullish momentum, as the open interest in Ethereum futures hit a new high of $17.93 billion on Monday.
As a result, the future of the altcoin market appears bright, provided that ETH maintains its strength.
