The Spot Ethereum (ETH) exchange-traded fund (ETF) recorded $295.5 million in inflows on November 11, its highest daily positive net flow since inception, and an increase of $29.0 million from positive net flows. There was a dollar difference.
According to far-side investors dataFidelity's FETH led the way in inflows with $115.5 million, while BlackRock's ETHA had the second-highest inflow with $101.1 million.
Grayscale’s Ethereum Mini Trust recorded the third-highest inflows, gaining $63.3 million over the trading day.
There will be more sunny days in the future
Eric Balchunas, senior ETF analyst at Bloomberg highlighted He said the Grayscale Ethereum Trust (ETHE) had not recorded any outflows in the past six days, which he believed was a sign that ETHE was finally unlocked.
He added:
“We have more sunny days ahead, but we are still miles behind the BTC ETFs…”
Balciunas added that while Ethereum ETFs still lag behind Bitcoin (BTC) ETFs, their individual performance is noteworthy. For example, ETHA is the 6th largest ETF created by inflows in 2024 out of over 600 new ETFs.
Organizational support drives growth
ETF Store CEO Nate Geraci pointed to notable trends in the Ethereum ETF following the US election results, noting that it had seen over $500 million in inflows in just four days. One of the key factors in this surge is increased implementation by systems, such as the Michigan Retirement System's recent allocations.
In its latest 13-F filing, the Michigan State Pension Fund disclosed that it invested $11 million in the Grayscale Ethereum ETF in the third quarter, making it the first public pension fund to add Ethereum to its portfolio. Ta. Notably, the Michigan fund currently holds more Ether than Bitcoin, with $7 million in Bitcoin exposure as of September 30th.
Balchunas also suggested that introducing options trading for Ethereum ETFs could accelerate capital inflows and attract large institutional investors. However, progress on this front may be slow.
The U.S. Securities and Exchange Commission (SEC) recently postponed a decision on the issue, along with some analysts, including a Bloomberg article. james seifertpredicts that a final decision could take until April 2025.
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