Highest Inflows in Three Months for BlackRock’s Ether ETF
BlackRock, the world’s largest asset management firm, recorded a significant $60.3 million inflow into its iShares Ethereum Trust ETF (ETHA) on November 8. This marks the ETF’s largest single-day inflow in 94 days, with the last major influx occurring on August 6, totaling $109.9 million, according to Farside data.
Ether Price Boosts Inflows as It Approaches $3,000
The influx comes as Ether’s price approaches the $3,000 mark for the first time since August, peaking at $2,971, according to CoinMarketCap. At the time of writing, Ether is trading at around $2,970. Analysts note that the inflows align with Ether’s largest weekly price gain since May 2024, a surge that has captivated investors.
The spike in Ether investment follows closely on the heels of Donald Trump being declared the 47th U.S. president. Analysts suggest this political development may be influencing market sentiment, with traders associating it with the uptick in Ether ETF investments.
Other Ethereum ETFs See Inflow Surges
BlackRock’s ETF wasn’t the only Ethereum fund benefiting from this bullish sentiment. Fidelity’s Ethereum Fund (FETH) saw a substantial daily inflow of $18.4 million, while VanEck’s Ethereum Fund (ETHV) gained $4.3 million, and Bitwise’s Ethereum ETF (ETHW) added $3.4 million.
This inflow trend in Ether-based ETFs follows news of record-breaking demand for BlackRock’s spot Bitcoin ETF, which recently topped $1 billion in daily inflows for the first time since launching in January. BlackRock’s spot Bitcoin ETF, IBIT, accounted for nearly 82% of the total $1.34 billion inflows across all U.S.-listed Bitcoin ETFs that day.
Ether’s Price Action Sparks Interest in ETH/BTC Pairing
In addition to impressive inflows, Ether has demonstrated its most substantial weekly gains in six months, briefly leading Bitcoin (BTC) in performance. This trend sparked a 6% gain in the ETH/BTC pairing, attracting attention from traders and raising speculation of a potential trend reversal.
Benjamin Cowen, founder of Into The Cryptoverse, suggested in a November 8 post on X (formerly Twitter) that the ETH/BTC pair could be hitting a bottom, stating, “I think there is a solid chance the bottom is in for ETH/BTC.”
