Spot ETH ETFs Record Highest Daily Inflow Day Signaling Altcoin Rotation Has Begun

On November 29th, the nine Spot Ether exchange-traded funds (ETFs) in the United States reached a new record for daily inflows. According to Farsidedata, a staggering $332.9 million flowed into these ETFs on that day, surpassing the previous daily inflow record of $295.5 million set on November 11 by an impressive $37.4 million.

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BlackRock Dominates Daily Inflows

BlackRock, the world’s largest asset manager, was responsible for a significant portion of this inflow, with a whopping $250.4 million invested into Spot Ether ETFs on November 29th. This is particularly noteworthy considering that BlackRock’s iShares Ethereum Trust (ETHA) has now notched over $2 billion in inflows since its product launch on July 23.

Spot Ether ETFs: A Growing Trend

At the time of publication, Ether is trading at $3,662, up 1.88% since November 28th, according to CoinMarketCap data. This uptick in price, combined with the record-breaking inflows into Spot Ether ETFs, suggests that investors are increasingly confident in Ethereum’s future prospects.

Pseudonymous crypto trader Pentoshi observed on Xpost that this trend is a sign of things to come: "Now we have early signs of this happening in ETH, as the flows begin to finally pick up, and sellers begin to get absorbed. It only takes time."

A Shift in Flows

The inflows into Spot Ether ETFs are particularly notable when compared to their Bitcoin counterparts. On the same day, spot Bitcoin ETFs brought in a mere $320 million, highlighting a significant shift in investor preferences.

Hartmann Capital founder Felix Hartmann believes that this trend is indicative of Wall Street’s growing interest in Ethereum: "It is a signal that Wall Street is ‘officially joining the fun’ on the ‘alt rotation.’"

A New Era for Ethereum?

The record-breaking inflows into Spot Ether ETFs are not an isolated incident. In recent days, spot Ether ETFs have consistently maintained positive inflow days while spot Bitcoin ETFs experienced outflows.

This trend is particularly significant considering that it follows a recent period where spot Ether ETFs took in $224.9 million in net inflows over the four trading days between November 22-27, while spot Bitcoin ETFs tallied only $35.2 million in net inflows.

The Implications

This shift in investor preferences has significant implications for the cryptocurrency market as a whole. As Ethereum’s decentralized finance (DeFi) ecosystem continues to gain traction and momentum, it is likely that investors will continue to flock to Spot Ether ETFs.

In an era where regulatory clarity and institutional adoption are becoming increasingly important, the record-breaking inflows into Spot Ether ETFs serve as a testament to the growing confidence in Ethereum’s future prospects.

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