The Spot Ethereum ETF saw inflows of $333 million on Friday, November 29, demonstrating institutional investor interest in the second-largest cryptocurrency. Experts believe this renewed interest is due to expectations for clearer crypto regulation in the US and a positive outlook for DeFi.
The US Top 10 Spot Ethereum ETF recorded $333 million in inflows on Friday, up from $466.5 million in total inflows last week, and $318.6 million on Friday, resulting in weekly net This surpassed Bitcoin, which recorded $136.5 million in outflows.
Since the Ethereum Spot ETF was approved by the SEC in July 2024, the cryptocurrency's price has lagged behind Bitcoin and the broader crypto market, despite industry calls for approval. While the price of Ethereum fell by approximately 32% in the first 15 days after approval, the price of Bitcoin only fell by 15.02% in the same period after the approval of the Bitcoin ETF in January 2024.
Renewed interest in Ethereum
Despite Ethereum's meager performance, recent data shows growing interest as institutions and traders turn to the cryptocurrency.
Sygnum Digital Bank's Future Finance Report, which measures market sentiment and behavior of professional and institutional investors, found that 90% of the 405 traditional investors surveyed currently support blockchain protocols. It was shown that they are investing in coins (mostly layer 1 coins).
The report also found that 31% of respondents who already hold cryptocurrencies plan to increase their allocation in Q4 2024, and 32% plan to increase their portfolio within the next six months. It was also shown that there is.
Among respondents who do not currently hold cryptocurrencies in their portfolio, 43% plan to increase their allocation within the next 12 months. Overall, 79% of all respondents plan to increase their allocation within the next six months.
Ethereum open interest expands
According to Ethereum’s CME OI history, open interest has been increasing since November 4, reaching $3.01 billion at the time of publication, indicating increasing institutional interest in Ethereum.
Ethereum has been on an upward trend since hitting a year-to-date low of around $2,100 in August, and is currently nearing its year-to-date high of $4,100.
Ethereum is trading at $3,600 at the time of writing, near its year-to-date high.
