U.S. spot ether ETFs extend two-week inflow streak as ETH price tops $4,000
Quick Take
- U.S.-based spot Ethereum ETFs logged their tenth day straight of positive inflows on Friday, ahead of ether’s price topping $4,000 by early Saturday.
- Friday also saw the fourth-highest daily trading volume since the funds were launched in July of this year, according to SoSoValue data.
- Spot Bitcoin ETFs are also on an inflow streak with seven straight trading days of positive inflows.
U.S.-based spot ether exchange-traded funds have logged ten straight days of net positive inflows, the longest streak since the nine funds available on U.S. stock exchanges launched in July of this year.
The funds added $83.8 million in value on Friday, according to SoSoValue's data, led by Fidelity's FETH with $47.9 million, or just over half of the net inflows. In total, over $992 million in value was traded, making Friday the fourth-highest volume trading day since the launch of the funds in July of this year; setting aside the week of the funds' debut, Friday marked the second-highest volume trading day, behind last Wednesday, when nearly $1.1 billion worth of ether changed hands.
The funds also marked their highest weekly inflow yet, with last week's $836.7 million marking a significant increase of 62% over the second-highest week's inflows of $515.2 worth of ETH from Nov. 15-22. BlackRock's ETHA fund has added about $520 million worth of ether in the last week alone, while Fidelity's FETH added nearly $276 million in net inflows.
The inflow streak coincides with a recent rally in the price of Ethereum's native currency that has seen ether top $4,000, having risen about 3% over the past twenty-four hours, according to The Block's Ethereum Price Page.
Ethereum in November also recently marked its highest monthly on-chain volume since December 2021, The Block previously reported, nearly double the year's lowest volume month, January. The increased value of the token has also corresponded with a slight resurgence in the NFT market, leading to double-digit percentage increases in the price of several top NFT projects.
Bitcoin ETFs hit 7-day streak
U.S.-based spot Bitcoin ETFs are also on an inflow streak, with positive daily inflows over the past seven trading days. The funds have added over $3 billion in net inflows since the streak began on Nov. 27, according to SoSoValue data, with their total net assets recently surpassing the estimated holdings of Bitcoin's creator Satoshi Nakamoto.
Though Bitcoin recently fell below the psychologically significant price of $100,000 USD, its price has increased about 0.28% over the past twenty-four hours, according to The Block's Bitcoin Price Page.
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