CDS Crypto News Ethereum Price Nears $3K as BlackRock ETF Sees Record Inflows
Crypto News

Ethereum Price Nears $3K as BlackRock ETF Sees Record Inflows

114
Ethereum Price Nears $3K As Blackrock Etf Sees Record Inflows

Ethereum Price Surge Fuels Record BlackRock ETF Inflows

Ethereum Price– BlackRock, the world’s largest asset manager, has experienced its highest daily inflows into its iShares Ethereum Trust ETF (ETHA) in the past 94 days, marking a significant milestone for the investment firm. On November 8, the ETF saw $60.3 million in inflows, the largest daily amount since August 6, when it had an inflow of $109.9 million (according to Farside data). These record inflows come as Ether (ETH) hovers around the $3,000 price level, a mark it hasn’t seen since August.

BlackRock’s Inflows Align with Ether’s Price Surge

Ethereum Price Nears $3K As Blackrock Etf Sees Record Inflows

The influx of capital into BlackRock’s Ethereum ETF comes at a time when Ether’s price has been nearing the $3,000 threshold, recently trading at $2,970 (CoinMarketCap). The ETHA ETF’s impressive daily inflow is happening as ETH sees a notable price resurgence, peaking at $2,971 during intraday trading. Notably, this surge in inflows follows Ethereum‘s price hovering around $3,000 for the first time in months.

As of the latest update, ETH is trading at $2,970, indicating a strong market sentiment for the cryptocurrency. Traders are linking this rally to broader market optimism, including developments in U.S. politics, with Donald Trump being declared the 47th president of the United States. Some analysts believe that this political shift could be influencing investor sentiment in crypto markets, prompting significant inflows into Ethereum-based ETFs like BlackRock’s.

The Ripple Effect: Other Ethereum Funds See Increased Activity

BlackRock is not the only fund benefiting from the current Ethereum price action. Fidelity Ethereum Fund (FETH) saw $18.4 million in daily inflows, while VanEck Ethereum Fund (ETHV) recorded $4.3 million and Bitwise Ethereum ETF (ETHW) garnered $3.4 million in inflows on the same day.

These inflows signal a growing institutional interest in Ethereum, following a broader trend of significant capital flowing into Ethereum-based funds. Notably, this surge comes on the heels of BlackRock’s spot Bitcoin ETF (IBIT) surpassing $1 billion in daily inflows, the first time it has reached such a milestone since its launch in January. This indicates that investor interest in cryptocurrencies is not limited to Bitcoin alone, with Ethereum now catching the attention of institutional investors.

Ether’s Recent Performance and Market Outlook

Ethereum’s recent price action has been noteworthy, with ETH posting its most significant weekly gains in six months. Cointelegraph reported that while Bitcoin’s momentum has stalled in the last 24 hours, Ethereum managed to hit a quarterly high, triggering a 6% increase in the ETH/BTC trading pair. This uptick in ETH/BTC has sparked speculation about a potential trend reversal, with some analysts noting that Ethereum has briefly outpaced Bitcoin for the first time in months, drawing attention from traders and investors alike.

As the market watches Ethereum closely, Benjamin Cowen, the founder of Into The Cryptoverse, suggested in a November 8 X post that there is a “solid chance the bottom is in for ETH/BTC.” This bullish outlook reflects growing confidence in Ethereum’s future prospects, especially as ETH starts to regain strength against BTC.

Ethereum Price Nears $3K As Blackrock Etf Sees Record Inflows

Leave a comment

Leave a Reply

Related Articles

Ether ETF Market Booms: Fidelity Tops Inflows with $115.5 Million on Monday

Ether ETF Market Booms: Fidelity Tops Inflows with $115.5 Million on Monday

BTC Hits Record High: The Price Nears $90,000 After Breaking $85K with 30% Weekly Surge

BTC Hits Record High: The Price Nears $90,000 After Breaking $85K with...

Ethereum Scalability: Researcher Justin Drake to Present New Consensus Proposal

Ethereum Scalability: Researcher Justin Drake to Present New Consensus Proposal

Dogecoin Climbs 30% in 24 Hours as Trump-Led Bull Run Sparks Memecoin Frenzy

Dogecoin Climbs 30% in 24 Hours as Trump-Led Bull Run Sparks Memecoin...