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Spot Ether ETFs Attract Over $295M in Daily Inflow, Marking an All-Time High

Following Trump’s recent victory, interest in Ether ETFs has increased daily, with more than $500 million flowing into these products over the last four days.

Avatar image of Jonathan Agozie Jonathan Agozie•November 12, 2024
VanEck

Inflows into spot Ether ETFs have surged recently, with the investment product setting a new record for daily inflows. On Monday, these ETFs saw $295 million in inflows, marking the highest single-day inflow since these products launched in July.

Leading the inflow activity, Fidelity’s FETH received $115.5 million, followed closely by BlackRock’s ETHA at $100 million, and Grayscale’s mini-ETF (ETH) with $63.3 million, according to data from Farside Investors.

Growing Daily Interest in Ether ETFs

Following Donald Trump’s recent victory, interest in Ether ETFs has increased daily, with more than $500 million flowing into these products over the last four days, largely driven by Fidelity and BlackRock’s contributions.

The increased demand has contributed to a significant rise in ETH’s price, which has jumped over 33% in the past week, reaching $3,200 at the time of reporting. If the momentum persists, it could boost the broader altcoin market’s growth.

The ETH rally has lifted Ethereum’s market valuation, now exceeding $400 billion, allowing it to surpass major banks like Bank of America. The surge in value reflects high investor optimism, with futures open interest reaching a record $17.93 billion on Monday.

Michigan State Pension Fund Invests in Ether

Ether’s rising value and growing investor interest has attracted major institutional funds. Reflecting this confidence, the State of Michigan Retirement System recently added Grayscale’s Ethereum ETF to its portfolio, marking the first state pension fund investment in the Ether-based product since its launch.

According to a CoinTab report, Michigan’s pension fund now holds 460,000 shares in the Grayscale Ethereum Trust (ETHE), valued at approximately $10 million as of Q3’s close, making it one of the fund’s top investors, per VanEck’s Matthew Sigel. The fund also disclosed it held 460,000 shares in Grayscale’s Ethereum Mini Trust ETF (ETH), valued at around $1.1 million.

CoinTab noted that Michigan’s pension fund allocated over $11 million toward Ether ETFs, surpassing its $7 million Bitcoin ETF investment. Bloomberg Senior ETF Analyst Eric Balchunas remarked that the allocation reflects Michigan’s strong confidence in Ether.

Jonathan Agozie

Jonathan Agozie is a prompt engineer committed to crafting clear and technically sound content on blockchain, cryptocurrency, and Web3 technologies.