As an analyst with over two decades of experience in the financial markets, I must say that the surge in BlackRock’s Ether inflows is a clear indication of the growing institutional adoption of cryptocurrencies. The fact that ETHA saw its highest daily inflows since August, amidst Ether hovering near $3K, is a significant development.
In simple terms, the world’s largest asset management firm, BlackRock, experienced its biggest single-day investments into a directly-traded Ethereum Exchange-Traded Fund (ETF) in approximately 3 months.
On November 8th, BlackRock’s iShares Ethereum Trust ETF (ETHA) saw its largest inflow of funds since August 6th, with a total of $60.3 million invested. This is the highest amount it has received since it gathered $109.9 million on August 6th, as per Farside data.
BlackRock’s large inflows come amid ETH hovering near $3K
On a notable day, BlackRock experienced a substantial influx, coinciding with Ether’s (ETH) value approaching the $3,000 mark for the first time since August. It peaked at $2,971 as per CoinMarketCap statistics.
At the time of publication, Ether is trading at $2,970.
Inflows of significant amounts occurred not long after Donald Trump was officially named as the 47th President of the United States. This event has been associated by traders with the increase in inflows.
It follows seven days of ETHA collectively amassing a total of $84.3 million in inflows.
In a recent development, the Fidelity Ethereum Fund (FETH) recorded an inflow of approximately $18.4 million, while VanEck Ethereum Fund (ETHV) experienced inflows amounting to $4.3 million. Additionally, Bitwise Ethereum ETF (ETHW) saw an inflow of around $3.4 million.
Just a day following the announcement by CryptoMoon, it’s worth noting that BlackRock’s spot Bitcoin ETF experienced its largest single-day inflow of over $1 billion since its debut in January.
On that particular day, approximately 82% of the total $1.34 billion in inflows for the eleven U.S.-listed spot Bitcoin ETFs came from IBIT alone.
Ether posts biggest weekly gains in 6 months
Additionally, it’s worth noting that Ether has shown its largest weekly increase since May 2024, as per the recent report from CryptoMoon.
Over the last 24 hours, Bitcoin’s progress has slowed down, but Ethereum’s value hit a new peak this quarter at approximately $2,956. This fresh movement in Ethereum’s price caused an increase of around 6% in the ETH/BTC graph.
For the first time in several months, Ethereum has momentarily surpassed Bitcoin (BTC), sparking interest among traders about a possible shift in the trend between altcoins and Bitcoin.
As a crypto investor, I’m excited about Benjamin Cowen’s recent statement on his platform that “I believe we might have hit rock bottom with ETH and BTC.
This is a developing story, and further information will be added as it becomes available.
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2024-11-09 07:49