The spot Ethereum ETFs (exchange-traded funds) have rarely been in the positive spotlight since launching four months ago. Unlike their Bitcoin counterparts, the ETH funds have had more red (outflow) days than green (inflow) days since they hit the market.
However, the fortune of the spot Ethereum ETFs appears to be turning around, as investors seem to be flocking to the crypto products now. The latest data shows that the Ethereum exchange-traded funds registered their third-best performance ever on Friday, November 8.
Ethereum ETFs See Record-Breaking Inflows In Three Days
Over the past week, the US-based spot Ethereum ETFs experienced a massive shift in investor sentiment, recording significant inflows at the end of the week. Likely catalyzed by the victory of Donald Trump in the US elections, the recent capital influx has helped the ETH funds recover well from the bloodbath on Monday, November 4.
According to data from SoSoValue, the US Ethereum ETF market saw a net inflow of $85.86 million on Friday. Notably, BlackRock’s ETH ETF (with the ticker ETHA) accounted for the majority of this influx, posting a net inflow of $59.77 million.
Fidelity’s FETH came in second with a total net inflow of $18.4 million, while the remaining value was contributed by Bitwise’s ETHW and VanEck‘s ETHV ($3.38 million and $4.31 million, respectively). It is worth noting that none of the Ethereum ETFs experienced an outflow.
This single-day performance represents a strong continuation of the consecutive days of capital influx for the ETH exchange-traded funds. The crypto products saw inflows of $52.29 million and $79.74 million on Wednesday and Thursday, respectively.
This run of positive momentum puts the cumulative weekly net inflow at $154.66 million — their highest weekly inflow — for the spot Ethereum ETFs since launch. Before this week, the funds’ best weekly performance was back in early August when the products barely crossed the $100 million mark.
Ethereum Price Overview
The recent performance of the spot Ethereum ETFs can’t be dissociated from the asset’s price, which has also been nothing short of scintillating in the past few days. As of this writing, the price of Ethereum has surpassed $3,100, reflecting an impressive 5.2% increase in the past day.
The altcoin’s performance is even more remarkable on the weekly timeframe, with a 25% surge in the past seven days. According to data from CoinGecko, Ethereum ranks as the second-largest cryptocurrency in the digital asset sector, with a market capitalization of roughly $376 billion.