Spot Ethereum ETFs See Surge in Inflows as Crypto Markets React to US Election Results

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Cryptodnes2024/11/07 23:33

By:Cryptodnes

Spot Ether exchange-traded funds (ETFs) in the US experienced a surge in inflows, hitting their highest in six weeks following a crypto market uptick triggered by the US presidential election.

On November 6, these funds saw a collective $52.3 million inflow, marking the largest since September 27.

The bulk of these funds went to the Fidelity Ethereum Fund, which attracted $26.9 million, while the Grayscale Ethereum Mini Trust saw $25.4 million.

However, BlackRock’s iShares Ethereum Trust saw no inflow. Despite this, the total for all spot Ether ETFs remains negative, with a $490 million drop, largely due to significant losses in Grayscale’s high-fee ETHE fund.

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In contrast, Bitcoin ETFs saw much stronger performance, with $621.9 million in net inflows on the same day. The Fidelity Wise Origin Bitcoin Fund led the charge, recording $308.8 million.

While Bitcoin spot markets experienced a 4% rise, Ether also saw a 10% increase, reaching its highest level since August, peaking at $2,872.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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