Ethereum’s Rise Is Also Being Supported by Exchange Traded Funds (ETFs)! Huge Inflows Continue! Here Are the Details

Spot Ethereum exchange-traded funds (ETFs) traded in the US recorded net inflows of $523.9 million on Tuesday, following a record-breaking day. $524 Million in New Inflows into Spot Ethereum ETFs Extends Six-Day Positive Streak According to SoSoValue data, six of nine Ether ETFs closed positive. BlackRock’s ETHA fund had the largest inflow, raising $318.67 million. Fidelity’s FETH fund saw $144.9 million in inflows, and the Grayscale Mini Ether Trust saw $44.25 million. This marked the sixth day of positive inflows for Ether ETFs, bringing net inflows to $2.33 billion. Assets under management in spot ETH ETFs rose to $27.6 billion, representing approximately 4.8% of Ethereum’s total market capitalization. NovaDius Wealth President Nate Geraci noted that the surge in interest in ETH ETFs is a “notable shift” from the Bitcoin ETFs that dominated the market last year and early this year. On Tuesday, spot Bitcoin ETFs saw net inflows of just $65.9 million. “Spot ETH ETFs were underestimated for a long time because traditional financial investors didn’t understand ETH,” Geraci said. “Now they hear the phrase ‘backbone of the future financial markets,’ and it resonates with them.” The price of Ethereum has also risen 8.5% in the last 24 hours to $4,683, approaching its all-time high of $4,878.26 from November 2021. This rise is also supported by the increasing use of Ethereum in corporate treasury strategies; institutional Ethereum treasuries currently hold approximately $8.9 billion worth of ETH. *This is not investment advice. Continue Reading: Ethereum’s Rise Is Also Being Supported by Exchange Traded Funds (ETFs)! Huge Inflows Continue! Here Are the Details

Source: BitcoinSistemi