Ethereum exchange-traded funds (ETFs) continue their streak of inflows and this Wednesday marked their fourth day in a row. The enthusiasm of large investors for these investment instruments is increasing and this is expressed with the enormous amounts of income.
Likewise, the good performance of these funds led to the currency they represent, ETH, also going on a roll. In that sense, the second most important Cryptocurrency in market capitalization is advancing in a strong rally. Over the last week, the token has returned +14%, according to CoinMarketCap.
The latter allows the currency to remain above $3,600 per token and investors expect $4K in the short term. This growing optimism is also reflected in the volumes in open interest, where millions of dollars are positioned waiting for the rise.
Thus, for both direct investors and investors in Ethereum ETFs, the good news continues. It is expected that the price of ETH will experience a possible rally in the short term, but it will surely not represent a threat to the bullish trend. In the case of ETFs, it can be assumed that the positive numbers will continue at least for the remainder of the week.
Ethereum ETF extends positive streak. Source: Farside Investors
Ethereum ETFs emerge from initial slumber
Following the huge success of Bitcoin ETFs, similar ETH products were expected to perform correspondingly. However, the reaction of investors in the stock market was timid regarding the approval of these products of the second most important currency in the crypto market. Thus, since its launch on the stock market, the red numbers dominated the scene.
For several months, flows into these funds were disappointing and the same was true for the price of ETH. However, analysts reaffirmed that these investment instruments had their particular dynamics. Hence it was a mistake to buy them with Bitcoin products to determine if they were successful or not.
And this seems to be the case. During the last few days, the growing interest in the cryptocurrency market stimulates demand for the shares of these ETFs. In these four days of streak, from Friday, November 22 to this Wednesday, a total of $224.9 million flowed into these funds.
The largest recipient of capital from Wall Street was BlackRock’s ETHA, which accumulated a total of $149.8 million. It should be noted that in these four days of streak of Ethereum ETFs, those of Bitcoin showed mixed numbers.
As already mentioned, in the days remaining this week it is very likely that the positive flows will continue. However, all this will depend on changing market conditions.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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