Ethereum Price Surge Analysis, BlackRock Ethereum ETF Inflows Soar
Working title: "BlackRock's Spot Ethereum ETF Achieves Record Daily Inflow"
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Recently, BlackRock's Ethereum Spot ETF (ETHA) has garnered market attention by recording its highest daily inflow in 94 days. As the world's largest asset manager, BlackRock's record-breaking influx occurred alongside the largest weekly price increase for ETH since May 2024.
On November 8, 2023, BlackRock's iShares Ethereum Trust ETF (ETHA) saw inflows of $60.3 million. This marks the largest inflow since August 6, when it recorded $109.9 million. This significant influx occurred as the price of ETH maintained a level close to $3,000, reaching $2,971 according to CoinMarketCap data. As of reporting, ETH is trading at $2,970.
The substantial inflow for BlackRock took place a few days after Donald Trump was declared the 47th President of the United States, a development traders associate with the increased inflow. Over the past seven days, ETHA recorded a total inflow of $84.3 million.
At the same time, the Fidelity Ethereum Fund (FETH) saw daily inflows of $18.4 million, VanEck Ethereum Fund (ETHV) $4.3 million, and Bitwise Ethereum ETF (ETHW) $3.4 million.
This follows one day after BlackRock's Spot Bitcoin ETF (IBIT) surpassed $1 billion in daily inflows for the first time since its launch. On that day, IBIT accounted for approximately 82% of the total inflows for all 11 spot Bitcoin ETFs listed in the U.S., which cumulatively recorded inflows of $1.34 billion.
Simultaneously, Ether has drawn attention by registering its largest weekly rise since May 2024. While Bitcoin's momentum has slowed over the past 24 hours, Ethereum has reached a quarterly high, leading to a 6% rise on the ETH/BTC chart. This has spotlighted Ethereum, which has outpaced Bitcoin for the first time in months, signaling a potential trend reversal in the market.
Benjamin Cowen, founder of Into The Cryptoverse, stated in a November 8 X (Twitter) post, "I think the bottom for ETH/BTC is likely in."
This analysis helps understand the recent trends and market reactions related to Ethereum spot ETFs.
