Spot Ethereum ETFs log $639 million in inflows, extending positive streak to 8 days

U.S. spot Ethereum exchange-traded funds saw $639.6 million in net inflows on Thursday, extending their streak of inflows to eight days.

BlackRock's ETHA led the inflows with $519.7 million flowing into the product, according to SoSoValue data. The Grayscale Ethereum Mini Trust reported $60.7 million in inflows, while Fidelity's FETH experienced inflows of $56.9 million. Invesco's ETF also saw modest inflows.

Thursday's inflows followed a record-setting inflow of $1.02 billion on Monday. Over the past eight days, the spot ether ETFs saw cumulative inflows of $3.71 billion.

Ethereum fell 2.6% in the past 24 hours to trade at $4,612 as of 1:50 a.m. ET Friday, according to The Block's price page. The cryptocurrency has gained 18.6% over the past week and traded near its all-time high at one stage earlier this week.

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Ethereum's strong momentum has led Standard Chartered analysts to raise their year-end price target to $7,500, nearly doubling their previous $4,000 forecast.

Meanwhile, spot bitcoin ETFs saw $230.9 million in net inflows on Thursday, up from Wednesday's inflows of $86.9 million.