The cryptocurrency market has seen a notable uptick following the recent U.S. presidential election, with spot Ether (ETH) exchange-traded funds (ETFs) in the United States posting their largest inflows in six weeks. On November 6, the nine newly launched spot Ether ETFs collectively attracted a net inflow of $52.3 million, according to Farside Investors. This inflow signals renewed investor interest in Ethereum-related assets amid broader market gains, even as Bitcoin (BTC) ETFs continue to dominate in terms of total capital flows.
The top contributor to the inflows was Fidelity’s Ethereum Fund, which pulled in $26.9 million, making up the lion’s share of the day’s investments. Another significant contributor was the Grayscale Ethereum Mini Trust, which saw $25.4 million in inflows. While most Ether ETFs recorded net inflows, BlackRock’s iShares Ethereum Trust notably reported zero net flow on the day. The remaining seven spot Ether ETFs also had zero flows, highlighting that the recent surge in Ether (ETH) ETF inflows was not widespread across all funds but concentrated in a few top performers.
Despite the positive flows on November 6, the cumulative position for Ether ETFs remains underwhelming, with an overall net aggregate of negative $490 million. This loss is largely due to the ongoing capital exit from Grayscale’s high-fee ETHE fund, which has lost $3.1 billion in assets under management since it converted to a spot ETF format in July. The persistent outflows reflect a challenging environment for high-fee ETFs in the crypto space, as investors increasingly prioritize cost-efficiency when selecting investment vehicles.
In contrast, spot Bitcoin ETFs demonstrated stronger resilience, amassing a substantial net inflow of $621.9 million on the same day. The influx marked a reversal from three consecutive days of outflows, suggesting a renewed bullish sentiment among Bitcoin investors. Fidelity’s Wise Origin Bitcoin Fund led the way with a staggering $308.8 million in inflows—the fund’s largest inflow day since June. Other prominent funds, including Bitwise, Ark 21Shares, and Grayscale’s Bitcoin products, each attracted over $100 million, further underscoring the strength of investor interest in Bitcoin.
The market’s positive response to the U.S. election has spurred a rally across major cryptocurrencies, with Bitcoin reaching a record high above $76,000 on November 6, while Ethereum followed suit, climbing 10% on November 7 to reach $2,872, its highest level since early August. The broader crypto market, up 4% in the past 24 hours, now boasts a total capitalization of $2.64 trillion, underscoring the impact of macroeconomic and political events on investor sentiment.
This post-election spike in inflows to Ether and Bitcoin ETFs illustrates how market conditions and geopolitical events continue to drive investment decisions in digital assets. As Ether approaches key price milestones, these latest inflows could signal a renewed interest in Ethereum’s potential as a long-term investment, especially as institutional investors diversify their crypto holdings amidst shifting economic landscapes.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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