United States spot Ether ETFs recorded an increase in daily inflows on November 29. According to data from Farside, the $332 million figure surpasses the previous inflow record of $295 million set on November 11.
Much of the credit can be directed towards BlackRock’s iShares Ethereum Trust, accounting for about $250 million of the total inflows recorded on November 29.
According to the ETF Store’s president, BlackRock’s ETHA has done well since its launch on July 29. Geraci pointed out that the investment vehicle has inched above $2 billion in inflows since its creation.
Ethereum has had a moderate reaction to the development, trading at $3,662, with a small rise of 1.88% in the last 24 hours.
ETH may be primed for a rally as Ether ETF inflows grow
Many analysts see Bitcoin’s declining dominance of the overall crypto market share as the perfect opportunity for altcoins, including Ethereum to make their mark in the bull market. According to pseudonymous trader Pentoshi, this is the early sign of what is to happen to Ethereum. He noted that with increased inflows, sellers begin to get absorbed, which can lead to a surge.
Meanwhile, another analyst also pointed out a remarkable achievement, noting that Ether ETF inflows were higher than Bitcoin ETFs on the day. Although only a difference of $10 million, it is still a remarkable feat for the second-largest digital asset according to market cap.
Hartmann Capital founder Felix Hartmann was happy with the achievement, noting that Wall Street has decided to join the fun. “Don’t midcurve it, alt rotation has begun last week and Wall Street is officially joining the fun,” he said.
Ethereum becomes top USDT network
Ethereum ETF inflows are increasing at a time when Bitcoin ETFs are experiencing outflows. For instance, Ethereum ETFs saw inflows of $224 million between November 22 and 27. In comparison, Bitcoin ETFs saw inflows of $35 million, largely affected by the outflows recorded on November 25. Ethereum was also boosted by its decentralized finance (DeFi) system’s legal victory this week, boosting investor confidence.
Meanwhile, Ethereum has inched above TRON as the blockchain for USDT, with a supply of $60 billion. Ethereum flipped TRON due to a 9.5% increase of USDT on the network, coupled with a drop of 1.5% of USDT on TRON. With TRON dropping to around $58 billion, Ethereum finally has its first lead since August 2022. Total USDT supply also closed at $132 million, with the all-time high figure seen as a reflection of the wider bullish trend in the crypto market.
Tether, as a stablecoin, has been integral to the progress of the crypto industry, providing liquidity and facilitating capital glows within the system. Ethereum’s dominance may be linked to its large-scale use by financial institutions to tokenize US dollar-backed assets.
Meanwhile, TRON is still the go-to in inflation-prone countries because of its low fees and transaction speed, helping users save more USDT. Ethereum’s lead began on November 21 and increased the gap on November 23. This was due to Tether choosing to mint $2 billion on Ethereum compared to $1 billion on TRON.
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