US-based ethereum spot ETFs (exchange-traded funds) have continued to shine after putting in a strong performance last week. After a period of significant capital outflows in recent weeks, crypto products have received significant attention from investors in the United States.
As a result, ethereum ETFs ended the month of November, its best 30-day period since its launch, on a positive note. This recent change in investor sentiment was also reflected in the price of ethereum, which surpassed the $3,500 mark for the first time since July 2024.
ethereum ETFs Outperform bitcoin in a Single Day for the First Time
The latest market data from SoSoValue <a target="_blank" href="https://sosovalue.com/assets/etf/us-eth-spot” target=”_blank” rel=”noopener nofollow”>sample That US-based ethereum spot ETFs recorded a total net inflow of $333 million on Friday, November 29. This represents the best single-day performance of cryptocurrency exchange-traded funds since their launch, surpassing the previous record of $295 million set on November 11. .
Break down the data; BlackRock's eth ETF (ticker ETHA) accounted for the majority of the capital inflow, recording an inflow of $250 million on Friday. In second place was Fidelity's ethereum Fund (with the symbol FETH), which recorded an inflow of almost $80 million to close the week.
Interestingly, Grayscale's ethereum Mini Trust (with the symbol eth) also recorded a daily inflow of $3.39 million on Friday. The other ethereum spot ETFs in the US did not record any capital movement to close the last five-day period.
Most notably, this single-day performance represents the fifth consecutive day that ethereum funds have recorded a net inflow. To start the week, crypto products recorded a measly inflow of $2.83 million on Monday, November 25.
<img data-recalc-dims="1" decoding="async" class="aligncenter wp-image-346588 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/12/Ethereum-spot-ETFs-break-single-day-record-with-333-million-inflow.png" alt="ethereum ETF” width=”2658″ height=”978″ srcset=”https://bitcoinist.com/wp-content/uploads/2024/11/Screen-Shot-2024-12-01-at-02.58.04.png?w=2658 2658w, https://bitcoinist.com/wp-content/uploads/2024/11/Screen-Shot-2024-12-01-at-02.58.04.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/11/Screen-Shot-2024-12-01-at-02.58.04.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/11/Screen-Shot-2024-12-01-at-02.58.04.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/11/Screen-Shot-2024-12-01-at-02.58.04.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/11/Screen-Shot-2024-12-01-at-02.58.04.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/11/Screen-Shot-2024-12-01-at-02.58.04.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/11/Screen-Shot-2024-12-01-at-02.58.04.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px”/>
Source: SoSoValue
However, inflows grew stronger as the week progressed, with ethereum spot ETFs recording $40.6 million and $90.1 million on Tuesday and Wednesday, respectively. Collectively, these capital inflows put the weekly performance of crypto products at $466 million, barely missing the record of $515 million.
Interestingly, the single-day inflow record of $332 million is the first time in history that ethereum ETFs would outperform their bitcoin counterparts. According to data from SoSoValue, spot bitcoin exchange-traded funds recorded a total net inflow of 320 million dollars.
ethereum price at a glance
At the time of writing, ethereum price is hovering around the $3,700 level, up 3% in the last 24 hours. The altcoin's performance is most notable in the weekly period. According to data from CoinGecko, the second-largest cryptocurrency is up almost 8% in the last seven days.
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The price of ethereum on the daily timeframe | Source: ETHUSDT chart on x/VtMuJnXK/" target="_blank" rel="noopener nofollow">TradingView
Featured image created by DALL-E, TradingView chart
