A record $428.5 million flowed into spot Ethereum (ETH) exchange-traded funds (ETFs) on December 5.
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Market data shows that inflows into U.S. spot Ethereum ETFs have picked up in the past five trading days as cryptocurrencies continue to rally and the price of Bitcoin (BTC) surpassed $100,000 for the first time. The inflows to Ethereum ETFs were dominated by BlackRock’s (BLK) iShares Ethereum Trust ETF (ETHA) which collected a record $292.7 million.
In the past five days, Ethereum ETFs have seen almost $800 million in net inflows, according to data from Farside Investors. The flows to ETFs come as Ethereum, the second-largest cryptocurrency by market capitalization, has risen about 60% in the past month to trade at just over $4,000.
Bitcoin ETF Inflows
Bitcoin ETFs have also seen heavy inflows over the past week, with $766.7 million going into about a dozen exchange-traded funds, the largest amount since November 21. The Bitcoin flows were dominated by BlackRock’s iShares Bitcoin Trust (IBIT), which added $770.5 million in net inflows.
The BlackRock Bitcoin Trust has now taken in a record $50 billion since it launched in January of this year. The price of Bitcoin is currently at $99,000 after rising to a record high of just over $103,000 in recent days, breaching a key threshold for the largest crypto by market cap.
Is ETH a Buy?
Most Wall Street firms don’t offer ratings or price targets on Ethereum, so instead we look at the cryptocurrency’s three-month performance. As one can see in the chart below, the price of ETH has risen 65% in the last 12 weeks, which is an extremely strong result.
