Spot Ether exchange-traded funds (ETFs) in the United States achieved a record $332.9 million in daily inflows on Friday, surpassing the previous high of $295.5 million set on November 11. According to data from Farside, this milestone underscores the growing appetite among investors for Ether-based ETFs.
Leading the charge was BlackRock, the world’s largest asset manager, contributing $250.4 million of the total inflows on November 29.
BlackRock’s ETH ETF Surpasses $2 Billion in Inflows
Since its launch on July 23, BlackRock’s iShares Ethereum Trust (ETHA) has attracted over $2 billion in inflows, according to Nate Geraci, president of the ETF Store.
The surge coincided with Ether’s price climbing 1.88% to $3,662 on November 29, as per CoinMarketCap data.
Notably, Ether ETFs outperformed Bitcoin ETFs in daily inflows for the first time, with Bitcoin ETFs recording $320 million compared to Ether ETFs’ $332.9 million.
Crypto analyst Ethereum Vibin remarked on X:
“ETH ETF flows have flipped BTC ETF flows for the first time. This is a significant moment.”
Felix Hartmann, founder of Hartmann Capital, linked the surge to Wall Street’s increasing interest in the “alt rotation” trend.
Spot Ether ETFs Outperform Bitcoin ETFs
The stronger performance of Ether ETFs is part of a broader trend. Between November 22 and 27, Ether ETFs saw $224.9 million in net inflows, while Bitcoin ETFs only garnered $35.2 million, hindered by outflows on November 25.
Adding to Ethereum’s momentum, the asset’s decentralized finance (DeFi) ecosystem celebrated a U.S. court victory this week, boosting investor confidence.
Pseudonymous crypto trader Pentoshi summarized market sentiment on X:
“Flows are finally picking up, and sellers are being absorbed. It only takes time.”
Ethereum Reclaims Lead Over Tron as Top Blockchain for Tether
Ethereum has overtaken Tron as the leading blockchain for Tether (USDT), with a supply of $60.3 billion, compared to Tron’s $58.1 billion. This marks Ethereum’s return to dominance for the first time since August 2022.
The total supply of USDT reached an all-time high of $132.9 billion, signaling bullish momentum in the cryptocurrency market.
- Ethereum saw a 9.3% increase in USDT supply over the past week, while Tron experienced a 1.5% decline.
- On November 23, Tether minted $2 billion USDT on Ethereum versus $1 billion on Tron.
Other notable blockchains hosting USDT include:
- BNB Chain: $4.58 billion
- Arbitrum: $3.09 billion
- Avalanche: $1.31 billion
Why Ethereum Maintains Its Edge
Ethereum’s dominance is fueled by its widespread adoption by financial institutions for tokenizing U.S. dollar-backed assets, making it a preferred choice for trading liquidity and capital flow.
While Tron remains popular in high-inflation regions due to low fees and fast transactions, Ethereum’s institutional backing and technical advancements ensure its continued leadership in the stablecoin ecosystem.
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