Ethereum ETFs Hit Historic Inflow—Is Altcoin Season Here?
The anticipated altcoin season may be ignited by record inflows into spot Ethereum ETFs, reaching $295.5 million on Tuesday, November 11.
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This inflow more than doubles the previous record of $106 million set on July 23, 2024, the first day of ETF trading.
To date, investors have funneled $9.7 billion into ETH ETFs, representing 2.4% of Ethereum’s total market cap.
Fidelity’s ETF led with an inflow of $115.5 million, followed by BlackRock at $101.1 million, Grayscale at $63.3 million, and Bitwise at $15.6 million.
Ethereum ETF Inflows on November 11, 2024. Source: sosovalue.com
November 11 also saw an increase in daily trading volume for Ethereum ETFs, reaching $912.9 million—nearly ten times the usual daily range of $100-$200 million.
This trend indicates a growing interest in Ethereum, and possibly altcoins in general, among institutional investors, potentially setting the stage for a full-blown altcoin season.
The prospect of a more lenient regulatory approach has eased concerns, leading investors to bet on a more favorable environment for Ethereum and DeFi assets
said Rachael Lucas, crypto analyst at BTCMarkets.
Lucas also noted that the recent rally in DeFi tokens like AAVE, UNI, and LDO signals increased confidence in Ethereum’s ecosystem. She believes continued growth in these assets could drive further inflows into Ethereum ETFs.
Meanwhile, spot Bitcoin ETFs reported a net inflow of $1.1 billion, marking the second day this month with inflows exceeding $1 billion. The previous high was recorded on November 7, with $1.38 billion.
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