Ethereum ETFs Surge 240.3 Million in Daily Inflows

U.S.-listed spot Ethereum exchange-traded funds (ETFs) experienced a significant surge in investments on Wednesday, attracting $240.3 million in inflows. This marked the best daily performance for these funds since early February, according to data compiled by SoSoValue.

Leading the charge was BlackRock’s ETHA, which drew in $163.6 million in fresh funds. This substantial inflow coincided with Ethereum’s price jumping above the $2,800 mark for the first time in nearly four months. The last time the inflows into the nine ETH ETFs surpassed this level was on February 2, when investors added $276 million into BlackRock’s ETHA, and Ethereum’s price was around $2,900.

Other notable inflows included Fidelity’s FBTC with $37.28 million, along with minor inflows into Grayscale’s Mini Ethereum Trust and Bitwise’s BITW. Wednesday marked the 18th consecutive session with positive flows for the spot ETH ETFs, indicating a growing positive sentiment towards the underlying asset.

Interestingly, the Ether ETFs outperformed their spot Bitcoin counterparts, which gathered $164.5 million in inflows on the same day. Since their launch in July, the Ethereum products have accumulated around $3.74 billion in net inflows.

Despite Ethereum’s price decline of 2.3% over the past day, trading at around $2,742, the cryptocurrency remains over 43% below its 2021 peak of approximately $4,878. This underperformance compared to Bitcoin, which recently hit a new all-time high above $111,000, has not dampened investor interest in Ethereum ETFs. The resurgence in these funds can be attributed to renewed interest in altcoins and decentralized finance (DeFi) applications, partly driven by recent developments in the market.

The healthy inflows into Ethereum ETFs reflect a growing optimism in the market. This positive sentiment could potentially help Ethereum surpass its three-year-old price record in the coming months. The continuous positive flows into these ETFs underscore the improving market conditions and investor confidence in Ethereum as an investment asset.