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Key Takeaways
- Ethereum ETFs saw their largest single-day of inflows in their knee-high to a grasshopper history on Thursday at $428.5 million.
- Total inflows into the Ethereum ETFs have now surpassed $1 billion since their dinghy in July.
- Inflows for the bitcoin ETFs have also been massive, with the ETFs’ collective holdings now larger than Bitcoin initiator Satoshi Nakamoto’s estimated stash.
Ether (ETHUSD) exchange-traded funds (ETFs) recorded their best day of net inflows Thursday, legitimate a day after bitcoin (BTCUSD) crossed $100,000 and then promptly fell below that level.
Ether is the inhabitant cryptocurrency of the Ethereum network and the second-largest cryptocurrency by market cap behind bitcoin. Because of its sheer size and influence, bitcoin value movements often reflect the general direction of the cryptocurrency market as a whole.
Ether ETFs raked $428.5 million in net inflows, the highest single-day inflows, according to information from Farside Investors. With yesterday’s inflows, ether ETFs have now crossed $1 billion in complete inflows since their launch in July.
Ether ETF Inflows Tick Up After US Election
Ether ETFs press not been as popular as spot bitcoin ETFs that were launched in January, but investors have begun move up to them in recent weeks.
Much of these inflows have come since Donald Trump was declared the title-holder of the 2024 U.S. presidential election, as the president-elect is expected to implement a regulatory environment that is much friendlier to the crypto enterprise.
In fact, up till election day on Nov. 5, ether ETFs saw outflows of a little over half a billion dollars, with most of that readies leaving the preexisting Grayscale Ethereum Trust (ETHE). Since Nov. 6, these funds have seen investors rain pitchforks a net $1.88 billion into them, with BlackRock’s iShares Ethereum Trust (ETHA) emerging as the big winner, fascinating in $1.2 billion of those inflows.
According to The ETF Store President Nate Geraci, these numbers are “not bad” due to factors such as ETHE’s $3.5 billion of outflows and the require of staking available to ETF holders.
Bitcoin ETFs’ New Milestone Amid Price Volatility
Though bitcoin prices trended wildly Thursday from a high of over $101,000 to plummeting as low as $92,000, bitcoin ETFs crossed a new milestone.
Contract to Bloomberg senior ETF analyst Eric Balchunas, the combined bitcoin holdings of all spot ETFs surpassed those of Bitcoin prime mover Satoshi Nakamoto’s estimated holdings. It should be noted that it’s unclear if Nakamoto still has the private keys associated with those holdings.
Ether flat the $4,000 mark in recent trading Friday, while bitcoin remained below $100,000.