US spot Ethereum ETFs see $729 million in daily inflows, second-largest since launch

U.S. spot Ethereum exchange-traded funds saw $729.1 million in net inflows on Wednesday, marking their second-largest single-day inflows since launch.

BlackRock's ETHA led the inflows with $500.9 million flowing into the product on Wednesday, according to SoSoValue data. Fidelity's FETH recorded $154.7 million in inflows, while four other spot ether ETFs also saw positive flows.

Yesterday's inflows followed the record-setting inflows of $1.02 billion on Monday and Tuesday's inflows of $523.9 million.

Ethereum climbed 2% in the past 24 hours to trade at $4,743 as of 2:30 a.m. ET Thursday, nearing its all-time high of $4,878 set in November 2021, according to The Block's Ethereum price page.

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Standard Chartered analysts have revised their Ethereum price outlook upward to $7,500 by year-end, up from their prior $4,000 estimate, as the bank highlights institutional buying for corporate treasuries, exchange-traded fund activity, evolving U.S. stablecoin policy, and strengthening technical fundamentals.

Meanwhile, spot bitcoin ETFs in the U.S. recorded $86.9 million in net inflows on Wednesday, compared to Tuesday's inflows of $65.9 million and Monday's inflows of $178.2 million.

Bitcoin traded above $124,000 at one point on Wednesday, setting a new all-time high, according to The Block's bitcoin price page. The world's largest cryptocurrency was trading up 2.8% in the past 24 hours at $122,704 at the time of writing.