Spot ETH ETFs Cover Top Daily Earnings Day: ‘Alt Turnaround’
Spot ether exchange-traded funds (ETFs) in the United States hit a new record for daily gains on November 29.
According to Farside data, $332.9 million flowed into the nine-place Ether (ETH) ETF on Nov. 29, surpassing the previous daily inflow rate — $295.5 million on Nov. 11 — by $37.4 million.
Blackrock accounts for most of the daily revenue.
BlackRock, the world's largest asset manager, was responsible for $250.4 million of the total inflows on Nov. 29. ETF Store President Nate Geracchi noted in a Nov. 29 X post that BlackRock's iShares Ethereum Trust (ETHA) is now worth more than $2 billion. Production has been rolling in since July 23.
The SpotEther ETF saw revenues of $332.9 million on November 29. Source: CoinGlass
At press time, Ether is trading at $3,662, up 1.88% since November 28, according to CoinMarketCap data.
Anonymous crypto trader Pentoshi said in a November 29 X post: “We now have the first signs of this happening in ETH, as the flows finally start to pick up and sellers start to absorb. It just takes time.”
Source: Felix Hartmann
Several crypto analysts have pointed out that Ether ETF earnings are higher than those of Bitcoin (BTC) ETFs that entered the same day. 320 million dollars.
Felix Hartman, founder of Hartman Capital, believes this is “a sign that Wall Street has officially joined the fun” on the “alt rotation.”
“ETH ETF flows outpace BTC ETF flows for the first time,” crypto analyst Ethereum VB said in a post on X.
Spot Ether ETF looks green even though BTC ETF has exit dates
This is the first time that Ether ETFs have recorded higher inflows than spot Bitcoin ETFs in days where both have seen inflows. However, while Ethereum ETFs expect positive inflow days, Bitcoin ETFs have followed several recent days with outflows.
Related: Ether ETFs Are Beating Their Bitcoin Counterparts Amid Recent ETH Rally
In the year On November 29, Cointelegraph reported that Ether ETFs have seen more money than their Bitcoin counterparts since November 22. The Ethereum decentralized finance (DeFi) ecosystem scored a key victory in a US court this week.
Spot Ether ETFs took in $224.9 million in net inflows over the four trading days from November 22 to 27, while spot bitcoin ETFs recorded $35.2 million in net inflows, mainly on November 25.
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