The US spot Ethereum ETF (exchange traded fund) continued to perform well, ending the week with positive inflows for 10 consecutive days. This strong performance reflects growing positive sentiment among investors following the recent US presidential election.
This continued capital inflow would also be a great start to December for US-based Ethereum ETFs, although these ETFs have yet to enjoy large inflows over an extended period of time. Unsurprisingly, this latest strength is also reflected in the price trend of ETH, which recently crossed $4,000 for the first time since March 2024.
Spot Ethereum ETF records 4th largest trading volume
The U.S. Ethereum ETF market recorded net inflows of $83.3 million on Friday, December 6, according to the latest data from SoSoValue. This marks the 10th consecutive day of capital inflows for exchange-traded funds, the longest consecutive inflow since ETFs. Released in July 2024.
Surprisingly, the most significant portion of the value added to the Ethereum ETF came from Fidelity’s Ethereum Fund (ticker FETH). The Fidelity ETF led the group on Friday with inflows of about $47.9 million, according to market data.
BlackRock’s iShares Ethereum Trust (ticker: ETHA) followed with more than $34.56 million in inflows. Meanwhile, Grayscale Ethereum Mini Trust (ETH) and Bitwise Ethereum ETF (ETHW) contributed $22.9 million and $13.45 million, respectively.
It is worth noting that the Grayscale Ethereum Trust (ticker ETHE) and 21Shares Core Ethereum ETF (ticker CETH) recorded outflows of $29.59 million and $6.9 million, respectively.
Source: SoSoValue
This $83.3 million one-day performance brings total net inflows over the past week to over $836.69 million, making it the Ethereum ETF’s highest weekly performance since its launch. This is a significant increase from the previous record of $515 million in mid-November.
Friday also marked the fourth-highest trading volume for Ethereum exchange-traded funds since they entered the market. The week ended with a total of $992.52 million traded on the day, according to SoSoValue data.
Ethereum price overview
As of this writing, ETH is worth approximately $4,000, reflecting a 0.4% price decline over the past 24 hours. The altcoin’s record over a broader period is even more remarkable, with Ethereum price rising more than 10% in the past seven days.
Ethereum price is hovering around $4,000 on the daily time frame. Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
