Ethereum ETFs record $752 million revenue; ETH reached a 3-year high

Ethereum (ETH) on Thursday, December 6, increased to the highest price in almost three years, reaching $ 4,089.

The increase followed strong institutional demand, with US Ethereum ETFs seeing their largest single-day net inflow of $428.4 million on December 5.

A revival of institutional investment in Ethereum ETFs.

Leading the flow was BlackRock's ETHA fund, followed by Fidelity's FETH. These contributions pushed the Ethereum ETF to record its highest weekly net gain since its launch in July.

The total weekly earnings in the first week of December reached $752.9 million. That's a record weekly gain for the funds, even though Friday's final figures aren't available. This wave of institutional investment has fueled Ethereum's price growth, turning the Fear and Greed Index into “Greed” and currently stands at 65.

Ethereum ETFs have had a slow start compared to Bitcoin ETFs in the US. The first month saw only one week of positive earnings. Currently, total assets in nine ETFs stand at $12.5 billion. This accounts for 2.7% of Ethereum's total supply.

However, November marked a turnaround with monthly inflows exceeding $1 billion, indicating growing institutional interest despite earlier outflows.

One notable development came from the State of Michigan Retirement System (SMRS), which became the first US state pension fund to invest in Ethereum ETFs. SMS now holds 460,000 Grayscale Ethereum shares and 110,000 ARK Bitcoin ETF shares as a diversified crypto portfolio.

Meanwhile, other altcoins are entering the ETF race. Firms such as VanEck, 21Shares and Grayscale have offered ETFs for Solana. Also, WisdomTree and Bitwise are among four firms seeking approval for XRP ETFs.

As US regulations take a more crypto-friendly stance, the ETF market for digital assets could expand.