Ether ETFs Have Best Day of Inflows Even As Bitcoin Swings Wildly | Global News Avenue

Ethereum (Ethereum USD) Exchange-traded funds (ETFs) recorded their best day of net inflows on Thursday, just one day after Bitcoin (Bitcoin USD) underline $100,000 It then quickly fell below that level.

Ethereum is the native cryptocurrency of the Ethereum network and the second largest cryptocurrency by market capitalization after Bitcoin. Due to its immense size and influence, Bitcoin’s price movements tend to reflect the general direction of the entire cryptocurrency market.

According to data from Farside Investors, net inflows into the Ethereum ETF reached $428.5 million, the highest single-day inflow. With yesterday’s inflows, the Ethereum ETF has now surpassed $1 billion in total inflows since its launch in July.

Ethereum ETF inflows increase after US election

Ethereum ETFs are not as popular as spot Bitcoin ETFs launched in January, but investors have begun to take an interest in them in recent weeks.

Much of this money has flowed in since Donald Trump was declared the winner of the 2024 U.S. presidential election, as President-elect expected Implement a more friendly regulatory environment for the cryptocurrency industry.

In fact, Ethereum ETFs have seen outflows of just over $500 million as of Election Day, November 5, with the majority leaving the pre-existing Grayscale Ethereum Trust (he said). Investors have poured a net $1.88 billion into these funds since Nov. 6, led by BlackRock’s iShares Ethereum Trust (ETHA) became the big winner, absorbing $1.2 billion of the inflow.

Nate Geraci, president of The ETF Store, said the numbers were “not bad” due to factors including ETHE’s $3.5 billion in outflows and a lack of funding. pledge Available to ETF holders.

Bitcoin ETF hits new milestone amid price swings

While Bitcoin prices were wildly volatile on Thursday, plunging from a high of over $101,000 to a low of $92,000, a Bitcoin ETF crossed a new milestone.

Eric Balchunas, senior ETF analyst at Bloomberg, said that the sum of Bitcoin holdings of all spot ETFs exceeds the Bitcoin holdings of Bitcoin creators Satoshi Nakamotoof estimated holdings. It should be noted that it is unclear whether Satoshi Nakamoto still possesses the private keys associated with these assets.

Ethereum surpassed the $4,000 mark in recent trading on Friday, while Bitcoin remains below $100,000.