Spot Ether exchange-traded funds (ETFs) in the United States saw a record $332.9 million in daily inflows on Friday.
According to Farside data, this figure eclipsed the previous record of $295.5 million set on November 11 by $37.4 million, marking a new high for investor interest in Ether-based ETFs.
BlackRock, the world’s largest asset manager, played a pivotal role in the surge, contributing $250.4 million to the total inflows on November 29.
BlackRock’s ETH ETF Attracts Over $2 Billion
Nate Geraci, president of the ETF Store, highlighted on X that BlackRock’s iShares Ethereum Trust (ETHA) has already attracted over $2 billion in inflows since its launch on July 23.
The massive inflows come as Ether’s price climbed 1.88% to $3,662 on November 29, according to CoinMarketCap data.
Crypto analysts and commentators were quick to note that Ether ETFs outperformed their Bitcoin counterparts in daily inflows for the first time.
Spot Bitcoin ETFs recorded $320 million in inflows on the same day, slightly behind Ether ETFs.
Ethereum Vibin, a crypto commentator, remarked on X that this was a significant moment as “ETH ETF flows have flipped BTC ETF flows for the first time.”
Felix Hartmann, founder of Hartmann Capital, suggested the inflows signal Wall Street’s growing participation in the “alt rotation.”
Today was the largest ETH ETF inflow day since inception. ETH saw larger $ inflows than BTC. Single day inflow near 10 bps the entire market cap or ETH.
Don’t midcurve it, alt rotation has begun last week and wallstreet is officially joining the fun. https://t.co/tbBv2pJG3P— Felix Hartmann (@FelixOHartmann) November 30, 2024
The inflows come amid a broader trend of Ether ETFs maintaining stronger performance relative to Bitcoin ETFs.
Between November 22 and 27, spot Ether ETFs saw net inflows of $224.9 million, compared to Bitcoin ETFs’ $35.2 million, which was weighed down by outflows on November 25.
Ethereum’s decentralized finance (DeFi) ecosystem also celebrated a legal victory in a U.S. court this week, potentially boosting investor confidence in the asset.
Pseudonymous crypto trader Pentoshi summed up the sentiment in a post on X, saying, “Flows are finally picking up, and sellers are being absorbed. It only takes time.”
Ethereum Surpasses Tron as Top Blockchain for Tether
Ethereum has reclaimed its position as the leading blockchain for Tether (USDT), surpassing Tron with a supply of $60.3 billion.
The milestone follows a 9.3% increase in USDT on Ethereum over the past week, while Tron experienced a 1.5% decline, bringing its supply to $58.1 billion.
This marks Ethereum’s return to dominance for the first time since August 2022.
The total USDT supply has reached an all-time high of $132.9 billion, a bullish indicator for the broader cryptocurrency market.
Stablecoins like Tether are critical for providing trading liquidity and facilitating capital flow within the ecosystem.
Ethereum’s prominence stems from its adoption by financial institutions for tokenizing US dollar-backed assets.
Meanwhile, Tron remains popular in high-inflation regions due to its low fees and fast transactions, enabling efficient savings in stablecoins like USDT.
Ethereum solidified its lead on November 21, and the gap widened on November 23 when Tether minted $2 billion USDT on Ethereum compared to $1 billion on Tron.
Other blockchains in the USDT supply rankings include BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).
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