The spot Ethereum ETF market has recorded its third consecutive day of inflows. This successive inflow comes after Ethereum ETF products registered zero net inflow on November 5.
Before that, the ETF products had two straight days of outflows, which sparked concern over a lack of institutional interest. The recent performance indicates a rekindling of institutional interest in Ethereum ETF products.
BlackRock Leads as Institutional Players Drive Ethereum ETF Inflows
According to data from Farside Investors, Ethereum ETF closed the trading week with a cumulative inflow of $85.9 million on Friday, November 8.
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It had registered $52.3 million and $79.7 million on Wednesday and Thursday, respectively. Interestingly, these inflows represented the highest figure within the past three weeks, as past inflows have all fallen under the $15 million level.
BlackRock (ETHA) led the inflow on the week’s last trading day with $59.8 million. This highlights a strong preference for ETHA among institutional investors in the Ethereum ETF space.
Fidelity Investments (FETH) also recorded double-digit inflows of $18.4 million. This represents a drop from its previous two days when it had more investor interest than BlackRock’s ETHA.
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On Wednesday and Thursday, respectively, Fidelity attracted $26.9 million and $28.9 million, compared to zero inflow and $23.7 million for BlackRock on the same days.
Interestingly, the week also saw four successive days of no outflows among all the ETF products, even for Grayscale (ETHE).
The only outflow occurred on the first trading day of the week with three products: Fidelity, Grayscale, and Grayscale Mini Trust. They recorded outflows of $31.5 million, $10.8 million, and $31.9 million, respectively. Notably, they closed the daily ETF trading with a cumulative outflow of $63.2 million.
Ethereum Price Rally Breaks Key Resistance Level
Ethereum ETF’s successive days of inflows coincide with a price explosion for Ethereum, as the altcoin enjoys significant bullish sentiment.
Notably, ETH’s price has shot up by more than 21% in the last seven days, climbing rapidly from $2,496 to current levels. As of this writing, Ethereum’s price has been trading at $3,020.47, up 3.61% in the past 24 hours.
Ethereum’s crossover of the critical resistance level of $3,000 occurred on Friday, potentially backed by institutional interest. Noteworthy is that the Ethereum ETF products registered the highest inflow of $85.9 million on the same day ETH exploded past $3,000.
In an earlier report, TheCoinRepublic stated that a surge in Ethereum’s future open interest hints at a huge rally for the altcoin. Analysts predicted that ETH price could breach the $4,000 price level if the rising demand for Ethereum futures continues.
Will Mekong Testnet and Pectra Upgrade Fuel Future Growth?
Meanwhile, Ethereum developers have unveiled the Mekong testnet ahead of the Pectra upgrade scheduled to roll out in 2025.
With this, wallet developers and stakers can experiment with Pectra’s recommended features. Notably, the Pectra upgrade aims to improve user experience and network efficiency.
Analysts remarked that the planned upgrade might make Ethereum more attractive to direct users and institutional investors. If this happens, the Ethereum ETF products could register higher inflows along with a price rally.
