The cryptocurrency market felt a jolt this week. Ethereum (ETH) dipped below $4,500, and Bitcoin (BTC) slid under $118,000. Despite this widespread downturn, a fascinating trend emerged. Spot Ethereum exchange-traded funds (ETFs) in the United States continued to draw in significant money.
These ETFs recorded an impressive $639.6 million in net inflows on Thursday. This marks eight straight days of positive investment, a strong sign. The figures come from SoSoValue, a reliable data source. ETH itself fell about 3% in 24 hours, hitting $4,556, according to CoinGecko. This happened right after its drop below $4,500.
BlackRock’s ETHA ETF led the charge on Thursday. It pulled in a massive $519.7 million. Grayscale’s Ethereum Mini Trust wasn’t far behind, adding $60.7 million. Fidelity’s FETH fund also saw strong interest, with $56.9 million in inflows. Even Invesco’s ETF contributed a modest $2.26 million. Other ETFs saw no change, and none recorded any money leaving.
This continued stream of money into Ethereum ETFs is hard to ignore. Over the last eight days, these funds have gathered a staggering $3.7 billion. This shows a deep and lasting interest from big investors in Ethereum. It’s the second-largest cryptocurrency by market value.
Thursday’s strong showing follows other big days. On Monday, these ETFs saw a record $1.02 billion flow in. Wednesday brought the second-highest daily inflow ever. This ongoing streak highlights how much new institutional money is eyeing ETH. Earlier this week, ETH prices even hit 2021 levels, rising above $4,800. It came close to its all-time high from nearly four years ago.
Since their launch last July, US spot ETH ETFs have taken in $12.73 billion. The total money managed by these funds is now nearing $30 billion, according to the data source.
ETFs Show Strength During Market Dip
Ethereum’s recent price climb partly stems from excitement around “crypto treasuries.” These are companies buying and holding large amounts of ETH. Companies like SharpLink and Bitmine have aggressively added ETH to their reserves. Strategic ETH Reserve data shows 71 companies hold Ethereum in their treasuries. Together, they own 3.7 million ETH. That’s worth about $16.7 billion.
Meanwhile, US spot Bitcoin ETFs also saw positive flows. They took in $230.9 million on Thursday. This extended their own streak to seven days of positive inflows. However, Bitcoin ETFs have seen a slower pace of new money lately.
The steady flow of money into both Ethereum and Bitcoin ETFs points to broad investor confidence. This is notable given the overall market correction. Bitcoin dropped under $118,000 yesterday and remains below that mark today.
Despite ETH’s recent price dip, analysts at Standard Chartered are bullish. They’ve raised their year-end price target for ETH to $7,500. This nearly doubles their earlier forecast of $4,000. It reflects the strong momentum the cryptocurrency is building.