Ether ETFs (ETH), the digital currency of the Ethereum network, have accumulated more than $600 million in net inflows in the last 5 days. This is the longest positive streak since these financial instruments listed in the United States went on the market in July 2024.
According to data from SosoValueether ETFs recorded yesterday, November 12, net receipts of more than 135 million dollars.
BlackRock’s iShares Ethereum Trust ETF (ETHA) led the inflows with a total of $131 million. One step below appears the Bitwise Ethereum ETF (ETHW) from the Bitwise firm, which reported money inflows of more than $16 million.
The Grayscale Ethereum Mini Trust (ETH) recorded net inflows of $12 million while the VanEck Ethereum Trust (ETHV) had positive capital flows of $6 million. Finally, the 21Shares Core Ethereum ETF (CETH) appears, which reported income of more than $1 million in net inflows.
On the other hand, the Grayscale Ethereum Trust (ETHE) reported outflows of more than $33 million, the only fund that had a negative balance on the day. The remaining three ETFs recorded neither inflows nor outflows of money.
In this way, the 9 funds based on the digital currency of the Ethereum network They have a favorable balance after 4 months. Currently, they accumulate net income of more than 94 million dollars.
Inflows and outflows in ether-based ETFs. Fountain: SosoValue.
The good performance of these financial instruments boosted the price of ETH, which remains above $3,000. At the time of publication of this note, the price of the digital asset is $3,173.
Ether quote from January to November 13, 2024. Source: TradingView.
As CriptoNoticias has explained, the performance of the Bitcoin-contado/” target=”_blank” rel=”noreferrer noopener”>ETFs has a direct impact on the price of a digital assetin this case ether. Due to their operation, the firms that manage them need to have ETH in their treasuries for adequate support of their actions.
If demand for ETFs is high, companies must buy ether on the market and that causes the price of the currency to rise.
It is worth remembering that financial instruments based on ETH had been performing poorly since their launch on the market, but the Donald Trump’s victory in the United States elections it once again attracted the interest of investors.
This occurs because the Republican leader stated his support for the Cryptocurrency industry throughout his presidential campaign and promised to promote friendly regulation to promote the growth of the sector.
He also promised to create a national strategic reserve of bitcoin (BTC) and assured that he will promote measures that favor the cryptocurrency Mining on US territory.
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