Spot Ethereum ETFs Surge with $52.3M Inflows as U.S. Election Sparks Crypto Market Gains

• Spot Ethereum exchange-traded funds (ETFs) in the U.S. recorded their highest inflows in six weeks. 
• The inflows followed a notable 10% price surge in Ethereum, reaching $52.3 million on November 6. 
• Fidelity Ethereum Fund led with $26.9 million, while Grayscale’s Ethereum Mini Trust saw $25.4 million.

Ethereum ETFs See Record Inflows After U.S. Election

The U.S. spot Ether ETFs experienced a significant boost in inflows just after the U.S. presidential election. The Total inflows for the nine Ethereum ETFs hit $52.3 million. 

According to data from Farside Investors, this was the largest inflow the Ether-based ETFs had seen in six weeks. The recent inflow is Ethereum’s best performance since late September. 

The inflow coincided with a 10% price increase in Ethereum, pushing the price of ETH to an intraday high of $2,872, the highest since early August.

While $52.3 million may seem small compared to inflows into Bitcoin ETFs, it was a big win for Ethereum investors. For comparison, Bitcoin ETFs in the U.S. saw a whopping $622 million in inflows on the same day. 

According to the data, the inflows were primarily driven by the Fidelity Ethereum Fund and Grayscale’s Ethereum Mini Trust. Fidelity’s fund attracted the largest share, pulling in $26.9 million. Grayscale followed closely behind with $25.4 million. 

However, the remaining seven spot Ether ETFs reported zero inflows, leaving a mixed picture for the overall Ether ETF market.

BlackRock’s Zero Flow and Grayscale’s Decline

BlackRock’s iShares Ethereum Trust, a leading Ethereum ETF, reported no daily net flows. This stood out as BlackRock is one of the biggest names in the market, and its lack of inflows surprised many. 

Despite no new funds entering BlackRock’s ETF, investor interest in Ether ETFs remained strong.

Meanwhile, Grayscale’s Ethereum Trust (ETHE) has faced significant challenges since its conversion to spot Ether ETF in July. The fund has witnessed more outflows than inflows, with large chunks of capital exiting it daily. Some believe its high fee could be the reason for such occurrence.

Since July, Grayscale has seen its assets under management shrink by $3.1 billion. This has contributed to a net outflow of $490 million across all Ethereum ETFs.

Bitcoin ETFs Continue to Dominate

Spot Bitcoin ETFs maintain dominance over the crypto ETF market, with daily flows significantly exceeding that of Ether ETFs. According to Farside Investor, the 11 U.S. spot Bitcoin ETFs saw a massive inflow of $621.9 million.

This marked a reversal in the trend, as the ETFs had seen three consecutive days of outflows before the election.

Fidelity’s Wise Origin Bitcoin Fund led the inflows, recording $308.8 million, its largest inflow since June. Several other Bitcoin ETFs also performed well, with Bitwise, Ark 21Shares, and Grayscale all seeing inflows exceeding $100 million each.

However, not every Bitcoin ETF had a positive day. BlackRock’s iShares Bitcoin Trust (IBIT) reported outflows for the second consecutive day. IBIT lost $69.1 million in net outflows, according to preliminary data.

Despite this, November 6 was BlackRock’s highest volume day, with $4.1 billion traded.