Investors are switching gears, putting record amounts into spot Ether ETFs and showing greater confidence in Ethereum’s potential. On November 29, spot Ether ETFs brought in a stunning daily inflow of $332.92 million, blowing past Bitcoin ETFs for the first time. It wasn’t even close. This milestone shows that Ether is no longer just a ‘second best’ cryptocurrency, but that it is carving out its own story in the world of ETFs.
Ethereum is making great strides
So here’s the kicker: only three of the nine active Ether ETFs were responsible for these massive inflows. Crazy, right? Leading the way was BlackRock’s iShares Ethereum Trust (ETHA), which raised about $250 million – talk about stealing the show. Since its launch in July, ETHA has raised over $2 billion, cementing its position as an investor favorite.
Meanwhile, Fidelity’s FETH added $79 million, and Grayscale added $3.4 million. Not huge compared to ETHA, but still solid contributions.
On the price side, Ethereum remains stable at $3,695. That’s a gain of 3.79% in the last 24 hours, while trading volume is also up more than 11%. Sure, the price is still around 24% below the 2021 all-time high of $4,891, but there is a sense that momentum could push the price higher – if it can break the $3,730 resistance level .
Bitcoin is taking a backseat
For once, Bitcoin wasn’t the main attraction. Spot Bitcoin ETFs saw inflows of $320 million on the same day, which is impressive, but not enough to surpass Ether’s big gain. And here’s the interesting thing: only six of the twelve Bitcoin ETFs actually saw inflows. Maybe the tide is turning?
This isn’t just about one day either. Over the past week, Ether ETFs have quietly dominated. Between November 22 and 27, they raked in almost $225 million, while Bitcoin ETFs only raked in $35 million, mainly due to a large outflow on November 25.
What’s next
What does this mean? Well, it’s clear that investors are widely interested in Ethereum. Whether it’s the recent price action or the buzz surrounding its growing use cases, Ether appears to be stepping out of Bitcoin’s shadow. And with giants like BlackRock leading the charge, this could be just the beginning.
