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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Spot Ethereum ETFs End 6-Day Drought With $90 Million Inflow — Will Ether Price Respond?

Opeyemi Sule
Opeyemi Sule
5 months ago
2 mins read
Ethereum

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Investor interest in the spot Ethereum ETFs (exchange-traded funds) appeared to have waned after failing to register a net inflow day for six consecutive days. However, the cryptocurrency products ended the week on a high with a substantial capital influx on Friday, November 22.

This capital inflow represents a shift in investor sentiment, which has not particularly been positive over the past few days. Nonetheless, the market would be hoping that this newly found momentum would persist and perhaps also trigger some bullish action for the ETH price.

Can Ethereum ETFs Ensure ETH’s Price Recovery?

According to the latest data from SoSoValue, the United States-based spot Ethereum ETFs witnessed a net inflow of $91.21 million on Friday. This positive single-day performance represents the first net inflow for the exchange-traded funds since November 13.

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Market data shows that a significant portion of the inflows came from BlackRock’s iShares Ethereum Trust (with the ticker ETHA). The crypto product registered around $99.7 million in total daily inflows to close the previous week.

Fidelity’s Ethereum Fund (with the ticker FETH) and Bitwise’s Ether ETF (ETHW) were the only other products to post capital inflows on Friday, recording $5.76 million and $4.96 million, respectively. Grayscale’s ETHE and ETH registered outflows of over $18.5 million and $621,000, respectively.

Ethereum ETFs
Chart showing total Ethereum spot ETF net inflow | Source: SoSoValue

As earlier mentioned, Friday’s performance represents a return to positive inflows for the Ethereum ETFs. Prior to this showing, the crypto products posted six consecutive outflow days, draining a cumulative total of $225.6 million within this period.

The price of ETH, which initially seemed to have found its footing, also slowed down during this period of the Ethereum ETFs outflow. This trend highlights the significant influence of the exchange-traded funds on price action — both for the world’s largest cryptocurrency Bitcoin and Ethereum.

With the fortunes of the US-based Ethereum ETFs seemingly turning around, the price of ETH has also taken an upward swing in the last couple of days. Investors will be hoping that the positive momentum for the Ethereum ETFs continues and translates into the altcoin’s price.

Ethereum Price At A Glance

As of this writing, the price of ETH stands at around $3,423, reflecting a 2.1% increase in the past day. The altcoin is up by more than 9% on the weekly timeframe, according to data from CoinGecko.

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The price of Ethereum returns above the $3,400 mark on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image created by Dall-E, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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