Inflows into the spot Ethereum ETF have been once again picking up pace, especially after the Donald Trump victory and the 25 bps Fed rate cut announcement this week. Over the last three consecutive days, the Ether ETFs have registered net inflows thereby bringing the total outflow to $324 million, dropping from the peak of $550 million a few weeks ago.
Spot Ethereum ETFs See Renewed Interest
Along with Bitcoin hitting all-time highs above $77,000, the world’s largest altcoin, Ethereum (ETH) is also gaining strong traction. As a result, the spot Ethereum ETF inflows have ticked up once again hitting the weekly high of $85.9 million on Friday, November 8. As a result, the weekly inflows shot up to $155 million with consecutive inflows following the Donald Trump victory.
Yesterday, the BlackRock Ethereum ETF (ETHA) saw the most inflows at $59.8 million, followed by Fidelity’s FETH at $18.4 million. Along with ETHA, FETH has seen consistent and healthy inflows this week. With the latest development, the total inflows into BlackRock Ether ETF have hit the milestone of $1.4 Billion, per the data from Farside Investors.
However, this still pales in comparison to the inflow that spot Bitcoin ETFs are seeing these days in the US. Nevertheless, this is a healthy development as the inflows could rise further with the pick-up in the altseason.
Also, investors are closely monitoring the developments in the Ethereum (ETH) price. Over the last week, ETH has outperformed BTC with 18% gains BTC’s 9.9% gains. There’s also a healthy uptick in the ETH/BTC pair which has been heading lower in the past three years.
In another development, the U.S. Securities and Exchange Commission (SEC) has delayed its decision for the options trading of spot Ethereum ETFs.
ETH Price to Rally to $4,000?
As the inflows into spot Ethereum ETFs turn healthy, investors are optimistic that it will further reflect in the ETH price moving ahead. As of press time, the Ethereum price is trading 4.86% up shooting past the critical resistance of $3,000. This is a crucial breakout as ETH flips the 200-day moving average (DMA) thereby flipping the sentiment from bearish to bullish.
If the bulls manage to hold these levels confidently, it can lead to a further rally to $4,000. Additionally, this Ethereum breakout comes following a 90-day accumulation showing a strong uptrend. Some analysts believe that this could beginning of the mega bull run to $15,000.
The only ETH chart you need to see right now pic.twitter.com/qNblQZInm1
— Yoddha (@CryptoYoddha) November 8, 2024
The post Spot Ethereum ETF Demand On the Rise Again, Will ETH Hit $4,000 Soon? appeared first on CoinGape.
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