- November 9, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Ethereum ETFs Skyrocket with $85.9M Inflow After Trump Win – ETH Eye For $4k appeared first on Coinpedia Fintech News
Spot Ethereum ETFs in the U.S. just recorded their largest inflows in six weeks fueled by Donald Trump’s election win and a recent Fed rate cut. On November 8, these nine spot ETFs received a net inflow of $85.9 million. This marks a renewed interest in Ether ETFs, reversing weeks of outflows. Market experts now feel bullish, with some even predicting ETH could hit $4,000 by the end of the month.
Ethereum ETF Hit Record High Inflow
Ethereum ETFs are seeing a surge in inflows, fueled by Bitcoin’s record-breaking rise above $77,000. On November 8, spot Ethereum ETFs saw their highest weekly inflow of $85.9 million, pushing total weekly inflows to $155 million, according to Farside.
This surge in inflow followed the earlier day’s inflow, starting with $52.3 million on November 6, followed by $79.7 million the next day. However, this came after a major outflow of $63.2 million on November 4.
While this is still small compared to spot Bitcoin ETFs, it signals a healthy trend. With altseason picking up, these inflows could grow even more, making Ethereum a strong contender in the coming weeks.
BlackRock’s Ether ETF Inflows
BlackRock, the world’s largest asset manager, just saw its biggest daily inflows into its spot Ether ETF in 94 days. On November 8, BlackRock’s iShares Ethereum Trust ETF (ETHA) received $60.3 million, the highest since August 6.
This surge comes as Ether’s price hovers near $3,000 for the first time since August, fueling excitement that Ethereum could be on the brink of a major rally.
Ether’s Aim For $4000
With the Fed lowering interest rates to 4.5%, Ethereum becomes more attractive to investors, especially as the Ethereum staking yield has remained steady at 4%, making it competitive with traditional bonds.
Looking at the weekly chart ETH has already surged 22% this week, currently trading around $3,044, and is now aiming to break key resistance levels. If it surpasses $3,500, it could rally toward $4,093 and possibly even reach a new all-time high.
However, on the flip side, a drop below $2,817 could derail this bullish outlook and take to retest the $2600 support level.
