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Spot Ethereum exchange-traded funds (ETFs) traded in the US recorded net inflows of $523.9 million on Tuesday, following a record-breaking day.
$524 Million in New Inflows into Spot Ethereum ETFs Extends Six-Day Positive Streak
According to SoSoValue data, six of nine Ether ETFs closed positive. BlackRock's ETHA fund had the largest inflow, raising $318.67 million. Fidelity's FETH fund saw $144.9 million in inflows, and the Grayscale Mini Ether Trust saw $44.25 million.
This marked the sixth day of positive inflows for Ether ETFs, bringing net inflows to $2.33 billion. Assets under management in spot $ETH ETFs rose to $27.6 billion, representing approximately 4.8% of Ethereum's total market capitalization.
NovaDius Wealth President Nate Geraci noted that the surge in interest in $ETH ETFs is a “notable shift” from the Bitcoin ETFs that dominated the market last year and early this year.
On Tuesday, spot Bitcoin ETFs saw net inflows of just $65.9 million. “Spot $ETH ETFs were underestimated for a long time because traditional financial investors didn't understand $ETH,” Geraci said. “Now they hear the phrase ‘backbone of the future financial markets,’ and it resonates with them.”
The price of Ethereum has also risen 8.5% in the last 24 hours to $4,683, approaching its all-time high of $4,878.26 from November 2021. This rise is also supported by the increasing use of Ethereum in corporate treasury strategies; institutional Ethereum treasuries currently hold approximately $8.9 billion worth of $ETH.
*This is not investment advice.