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CoinGape 2024-11-30 06:58:42

Spot Ethereum ETF Flips Bitcoin ETFs in Daily Inflows, $5000 Target In Sight?

Spot Ethereum ETF Flips Bitcoin ETFs in Daily Inflows, $5000 Target In Sight?

The spot Ethereum ETFs witnessed one of the largest daily inflows while overtaking the spot Bitcoin ETFs on Friday. This is the first time that Ether ETFs have achieved this milestone, since launch, showing a shift in investor sentiment. As a result, the ETH price surged another 4.27% moving past $3,720, setting the stage for the next rally to $5,000. Spot Ethereum ETF Inflows on the Rise Institutional demand for the spot Ether ETFs is slowly picking pace. Yesterday, the total inflows into US Ether ETFs stood at a staggering $332 million overtaking the Bitcoin ETF daily inflows of $320 million. This is the fifth consecutive trading session in which Ethereum ETFs saw net positive inflows. On Friday, the BlackRock Ether ETF (ETHA) alone accounted for $250 million in inflows followed by Fidelity’s FETH at $79.1 million in inflows, per the data from Farside Investors . Nate Geraci, president of The ETF Store, stated that the BlackRock Ether ETF (ETHA) has now surpassed $2 billion in total inflows since its launch in July, underscoring strong investor demand and growing institutional interest in Ethereum as a leading digital asset. Source: SosoValue On the other hand, the BlackRock Bitcoin ETF (IBIT) saw $137.5 million in inflows yesterday. This shows that the capital rotation from Bitcoin (BTC) to Ethereum (ETH) has begun. While inflows into Ether ETFs have been on the rise, the Bitcoin ETF inflows have slowed down recently. Earlier this week, the BlackRock Bitcoin ETF (IBIT) saw zero inflows for two consecutive days in a row. Recent reports also suggest that BlackRock funds from the traditional portfolio have also been buying millions of IBIT shares recently. ETH Price Rally to $5,000? Market analysts have turned bullish on the Ethereum price while expecting new all-time highs above $5,000. At press time, ETH price has surged another 4% with bulls taking it beyond the crucial resistance $3,700, setting an immediate target of 4,000. Ethereum’s price chart has confirmed a breakout from an inverse head-and-shoulders pattern, signaling potential bullish momentum ahead. Analyst ‘Trader Tardigrade’ suggests that a retest of the $3,538–$3,445 range could present a final buying opportunity at these levels before ETH targets the pattern’s projected high of $5,800. Source: Trader Tardigrade The spot Ethereum ETF inflows could provide further fuel for the ETH rally to continue to new all-time highs. This could also kickstart the much-awaited altcoin season leading a mega rally in the crypto market. The post Spot Ethereum ETF Flips Bitcoin ETFs in Daily Inflows, $5000 Target In Sight? appeared first on CoinGape .

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