The buzz around the Ethereum ecosystem has intensified amid record daily Ethereum spot ETFs inflows and a price rally to a six-month high.
For context, data from Sosovalue shows that the US Ethereum spot ETFs amassed their highest daily inflow since inception yesterday. The funds experienced a record-breaking single-day inflow of $726.7 million, driven by sustained demand from both institutions and retail investors.
Demand for Ethereum Spot ETFs Hit Fever Pitch
Interestingly, the Ethereum investment products had been on an 8-day streak before yesterday’s massive inflows. They not only extended the streak but also beat their former daily record of $428 million on December 5, setting a new milestone.
The US Ethereum spot ETFs brought in $726 million on Wednesday, led by the BlackRock iShares Ethereum Trust (ETHA). The investment vehicle recorded a daily inflow of $499 million, bringing its cumulative net inflow to $7.11 billion.
Meanwhile, the Fidelity Ethereum Fund (FETH) raked in the second-largest inflows on July 16, bringing in $113 million. It now has a net cumulative inflow of $1.98 billion, falling short of ETHA’s by a considerable margin but also maintaining a healthy lead over other products.
Other funds, such as the Grayscale Ethereum Trust (ETHE), the Grayscale Mini Trust (ETH), and the Bitwise Ethereum ETF (ETHW), recorded substantial inflows of $54 million, $33 million, and $14.5 million, respectively, in what was an overall positive performance.
Notably, the stellar outing drew the attention of notable market participants. Specifically, Nate Geraci, the president of ETF Stores, highlighted the record-setting day in a tweet today. He noted that the ETFs have accumulated $1.8 billion over the past five trading days, a sign of accelerated institutional traction.
Ethereum’s Price Reacts
Meanwhile, Ethereum responded positively to the increased accumulation, outperforming all cryptocurrencies in the top 10 ranking by market capitalization, except for XRP. Ether has increased 7.58% in the past 24 hours to reach $3,380.
Remarkably, Ethereum has not reached this price level in six months. For context, it last traded above $3,380 on January 31, correcting massively from the mark to prices below $1,500.
Nonetheless, the altcoin leader has regained bullish momentum and is set for higher prices. According to a recent report from The Crypto Basic, analysis shows Ether’s next target is a rally to $4,000, with other altcoins benefiting from the momentum.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
