Ethereum exchange traded funds on November 29, witnessed an impressive net inflow of a whopping $332.9 million, surpassing Bitcoin’s $320 million net inflow by $12.9 million on the same day.
This noteworthy event marks the first time in history that Ethereum exchange traded funds surpass Bitcoin exchange traded funds in net inflow.
Exchange traded funds are investment securities that are pegged to already existing assets such as gold or cryptocurrency and are sold as stocks to interested buyers. In 1993, the SPDR S&P 500 ETF was issued and was the first ever exchange traded fund in the United States.
Cryptocurrency ETFs such as Ethereum ETFs and Bitcoin ETFs provide individuals the opportunity to invest in cryptocurrency without the need to purchase from a crypto exchange, or manage a crypto wallet, with added security compared to traditional cryptocurrency.
According to data on the Farside website, BlackRock makes up over 75% of the total inflows of the day, contributing about $250.4 million, while Fidelity makes up the outstanding 25% with an inflow of $79.1 million.
What This Means For Ethereum ETFs
Ethereum ETFs’ feat has no doubt made an impact on the price of the cryptocurrency token as the ETH coin has seen a 24 hour change of +2.18% and currently trades at a price of $3,677.
This significant achievement by Ethereum underscores an increase in investor interest and confidence in altcoins and has analysts optimistic about the Ethereum token reaching a milestone price of $4000.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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