In an impressive display of market enthusiasm, U.S. Spot Ether exchange-traded funds (ETFs) amassed a staggering $332.9 million in daily inflows on November 29. This remarkable total surpassed the previous record of $295.5 million set on November 11, highlighting an increasing appetite among investors for Ether-based investment vehicles.
Leading this growth, BlackRock, the largest asset manager globally, was instrumental in driving these inflows, contributing a notable $250.4 million. This influx of capital coincided with a significant rise in Ether's price, which climbed 1.88% to reach $3,662 on the same day, as reported by CoinMarketCap.
Nate Geraci, president of the ETF Store, pointed out that BlackRock’s iShares Ethereum Trust (ETHA) has experienced substantial success, attracting over $2 billion in inflows since its inception on July 23. This surge in investment is indicative of a trend where Ether ETFs have begun to outperform Bitcoin ETFs in daily inflows for the first time ever.
On that notable day, Spot Bitcoin ETFs recorded $320 million in inflows, trailing slightly behind their Ether counterparts. Ethereum Vibin, a crypto analyst, acknowledged this historical shift on X, declaring it “a significant moment” in the investment landscape, as ETH ETF inflows began to outpace BTC ETF inflows. Furthermore, Felix Hartmann, the founder of Hartmann Capital, suggested that these trends reflect Wall Street's increasing engagement in the so-called “alt rotation.”
The recent performance of Ether ETFs signifies a broader trend of improved outcomes compared to Bitcoin ETFs. Between November 22 and 27, Spot Ether ETFs witnessed net inflows of $224.9 million, while Bitcoin ETFs experienced a modest $35.2 million, hindered by outflows on November 25. The strengthening sentiment around Ether is also attributed to a favorable ruling for its decentralized finance (DeFi) ecosystem by a U.S. court, further boosting investor confidence.
Crypto trader Pentoshi expressed optimism on X, stating, “Flows are finally picking up, and sellers are being absorbed. It only takes time.”
Ethereum Reclaims Leading Position as the Top Blockchain for Tether
In another notable development, Ethereum has once again become the primary blockchain for Tether (USDT), surpassing Tron with a total supply of $60.3 billion. This resurgence in dominance follows a 9.3% increase in ETH-based USDT over the past week, while Tron saw a contraction of 1.5%, reducing its supply to $58.1 billion. This marks Ethereum's first return to the top since August 2022.
Overall, the USDT supply across all platforms has reached a historic peak of $132.9 billion, representing a bullish signal for the cryptocurrency market as a whole. Stablecoins like Tether serve a critical role in providing liquidity for trading and facilitating capital movement throughout the ecosystem.
The resurgence of Ethereum can be attributed to its growing acceptance among financial institutions for the tokenization of assets tied to the U.S. dollar. Meanwhile, Tron continues to thrive in high-inflation regions due to its low fees and rapid transaction capabilities, allowing users to save effectively with USDT.
The gap between Ethereum and Tron further widened on November 21, when Tether minted $2 billion USDT on Ethereum, in stark contrast to the $1 billion generated on Tron. Other notable blockchains in the USDT supply standings include BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).
This recent activity signals a turning point for both Ether and the broader cryptocurrency market, showcasing a renewed investor interest that could shape the landscape in the months to come.
