As a seasoned analyst with a keen eye for market trends and a knack for deciphering the intricacies of the crypto world, I find it fascinating to observe the recent influx of investments into spot Ether exchange-traded funds (ETFs) in the United States. With my years of experience under my belt, I can confidently say that this is not just a fleeting trend but a testament to the growing acceptance and trust in Ethereum as a viable investment option.
In recent times, there’s been a surge in investments towards Ethereum exchange-traded funds (ETFs) in the U.S., marking a six-week high. This trend is attributed to the growth in the cryptocurrency markets following the U.S. presidential election.
On November 6th, the nine newly introduced Ether (ETH) exchange-traded funds (ETFs) that were released in the U.S. collectively received a total net investment of approximately $52.3 million.
On the other hand, although the inflows for Ether funds are still smaller compared to those for spot Bitcoin ETFs, they represent the largest influx since September 27, as reported by Farside Investors.
The bumper inflow day came despite the leading fund, BlackRock’s iShares Ethereum Trust (ETHA), showing a net zero flow.
Most funds flowing in were directed towards the Fidelity Ethereum Fund (FETH), accounting for approximately $26.9 million. The Grayscale Ethereum Mini Trust (ETH) received the next highest amount, around $25.4 million. The remaining seven Ether ETFs did not receive any inflows.
As a researcher, I’ve calculated that the overall net value of all our products now stands at a deficit of approximately $490 million. This significant decrease is mainly attributed to the ongoing withdrawal of funds from our high-fee ETHE fund, managed by Grayscale. Since its transformation into a spot ETF in July, this fund has experienced a substantial loss of about $3.1 billion in managed assets.
Spot Bitcoin ETFs inflow $622M
On November 6th, it seemed that the eleven U.S. Bitcoin Spot ETFs performed better, experiencing a net influx of approximately $621.9 million, marking a turnaround from a pattern of three consecutive days of outflows.
Despite two consecutive days of outflows for BlackRock’s iShares Bitcoin Trust (IBIT), resulting in a loss of approximately $69.1 million, as indicated by preliminary data from Farside Investors, the day saw an unprecedented trading volume for BlackRock, with a total of $4.1 billion exchanged – marking their busiest day on record.
On that particular day, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw its highest inflow since June 4, with a significant sum of $308.8 million flowing into it, making it the primary contributor to the overall inflow.
All three entities – Bitwise, Ark 21Shares, and Grayscale – experienced inflows exceeding $100 million each, in their specific investment products.
Cryptocurrency markets experienced a 4% increase within the last 24 hours, resulting in a total market cap of approximately $2.64 trillion. Furthermore, Bitcoin reached yet another record-high price of over $76,000 during late trading on Nov. 6.
On November 7, Ether stirred from its prolonged rest, soaring by 10% during the day and reaching a peak intraday value of $2,872 in early trades. This represented its highest price level since early August, as reported by CoinGecko.
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2024-11-07 09:38