David Edwards
Spot Ether exchange-traded funds (ETFs) in the US saw $332.9 million pour into the market on November 29, which was the biggest single-day increase ever. Based on data from Farside, this amount beats the previous high of $295.5 million set on November 11 by a huge $37.4 million.
BlackRock is in the lead.
It was BlackRock, the biggest asset manager in the world, that brought in most of the money, with its iShares Ethereum Trust (ETHA) bringing in $250.4 million. ETHA has pulled in more than $2 billion since its start on July 23. ETF Store President Nate Geraci wrote about this on X (formerly Twitter).
Ether ETFs get more daily inflows than Bitcoin ETFs.
On November 29, it was the first time that daily inflows into Ether ETFs were higher than those into Bitcoin ETFs. During the same time period, Bitcoin ETFs brought in $320 million. Felix Hartmann, head of Hartmann Capital, saw the change as proof that Wall Street is “officially joining the fun” of the altcoin rotation. Pentoshi, a trader who goes by the name “Pseudonym,” saw the rise in ETH sellers as a good sign.
A More General Market Sign?
The money is coming in at a time when Ethereum and its decentralized finance (DeFi) environment are becoming more popular. CoinMarketCap says that on November 29, Ethereum was selling at $3,662, which is 1.88% more than the day before.
Notably, Ether ETFs have had days when they lost money while Bitcoin ETFs have had days when they gained money. For example, spot Ether ETFs saw net inflows of $224.9 million from November 22–27, while Bitcoin ETFs saw net outflows of $35.2 million. This was mostly because Bitcoin ETFs lost money on November 25.
The altcoin rotation starts.
Many people who write about crypto have talked about what it means that Ether ETFs are now bringing in more money than Bitcoin ETFs. In an X post, Ethereum Vibin said, “ETH ETF flows have flipped BTC ETF flows for the first time.” This trend shows that the market is becoming more interested in Ethereum and thinks it could lead an altcoin shift.
Associated Events
Recently, Ether ETFs have done better than expected. This comes at the same time as a legal win for Ethereum’s DeFi environment in a U.S. court, which gives investors even more trust. As altcoins become more popular, this could mean that institutions will focus more on Ethereum and the apps that run on it.
