Spot Ethereum ETFs End 6-Day Drought With $90 Million Inflow Will Ether Price Respond?
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 ETHs 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.
Market data shows that a significant portion of the inflows came from BlackRocks iShares Ethereum Trust (with the ticker ETHA). The crypto product registered around $99.7 million in total daily inflows to close the previous week.
Fidelitys Ethereum Fund (with the ticker FETH) and Bitwises Ether ETF (ETHW) were the only other products to post capital inflows on Friday, recording $5.76 million and $4.96 million, respectively. Grayscales ETHE and ETH registered outflows of over $18.5 million and $621,000, respectively.
As earlier mentioned, Fridays 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 worlds 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 altcoins 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.
Text source: NewsBTC
