Ethereum ETFs add $524M after record day

U.S. spot Ethereum exchange-traded funds saw $523.9 million in net inflows on Tuesday, following Monday’s record-setting $1.02 billion.

Data from SoSoValue shows six of the nine ether ETFs posted positive flows, led by BlackRock’s ETHA with $318.67 million.

Fidelity’s FETH attracted $144.9 million, while Grayscale’s Mini Ether Trust saw $44.25 million in net inflows.

The streak marks six consecutive days of gains for spot ETH ETFs, totalling $2.33 billion in inflows over the period.

Spot ETH ETFs now hold $27.6 billion in assets, about 4.8% of Ethereum’s total market capitalisation.

Nate Geraci of NovaDius Wealth said the inflows highlight a shift from last year’s dominance of bitcoin ETFs to growing interest in Ethereum.

Spot bitcoin ETFs recorded a comparatively modest $65.9 million in net inflows on Tuesday.

Geraci noted that Ethereum ETFs were initially underestimated by traditional finance investors but are now being recognised as the “backbone of future financial markets.”

Ethereum’s price surged 8.5% in the past 24 hours to $4,667, approaching its November 2021 all-time high of $4,878.26.

Corporate adoption is also driving demand, with Ethereum treasury firms holding around $8.9 billion in ETH as of Monday, according to The Block.

At the time of reporting, Ethereum price was $4,630.42.