Ether (ETH) remains firm above $3,500.
On Friday, for the first time, ETH ETF inflows surpassed that of bitcoin.
Investment funds based on ether (ETH), the cryptocurrency of the Ethereum network, have accumulated net inflows of $2.2 billion globally so far in 2024. In this way, they set a new record that exceeds the $2 billion reached in 2021. These investment products are regulated by the corresponding state agencies, so they are mainly attractive to institutional and corporate investors.
In it CoinShares weekly reporta data analysis firm, highlights that ETH investment products They had entries for 634 million dollars during the last week of November.
Capital flows were led by ether exchange-traded funds (ETFs) in the United States, which from November 24 to 29, recorded receipts of more than 466 million dollars. It is worth clarifying that it was a week with four days due to the Thanksgiving holiday.
As CriptoNoticias already reported, on Friday, November 29, these investment products registered income of 332 million dollars in a single day, marking a new record. For the first time they managed to surpass bitcoin (BTC) ETFswhich reported receipts of $320 million.
Since its launch on the market, the 9 ether ETFs accumulate more than 597 million dollars.
The good performance of these investment funds had a direct impact on the price of the digital currency of the Ethereum network that remains above $3,600.
At a general level, investment products in digital assets have had net inflows for eight consecutive weeks, accumulating more than 270 million dollars worldwide. So far this year, revenues reach the line of $37.3 billion.
Below is the graph to appreciate the behavior of these cryptocurrency investment funds, week by week:
As for BTC, the CoinShares report warns that outflows of $457 million were recorded, the highest figure since the beginning of September of this year. For the firm’s specialists, this is attributed to profit-taking by investors, after the currency created by Satoshi Nakamoto was close to surpassing the $100,000 barrier.
The following table details the capital flows to investment funds during the last week, classified according to cryptocurrencies:
As seen in the image above, Ripple Labs’ cryptocurrency XRP’s global investment products saw inflows of $95 million, the largest from January to November 29, 2024. For CoinShares, It is due to the enthusiasm surrounding a possible approval of an ETF based on this asset.
As CriptoNoticias already reported, four companies submitted applications to issue their respective exchange-traded funds (ETF) based on XRP.
With the departure of Gary Gensler, head of the United States Securities and Exchange Commission (SEC), There is a high probability that these investment products will be approved and launched on the market in 2025.
