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Ethereum: Etf record, ETH heading $4,000. Smell of Alt Season
By Daniele Corno
November also a Record for Ethereum: ETF flows at highs, price heads toward $4,000 and doors open for a new Alt Season
Record highs for Ethereum spot ETF flows
November has come to an end and is confirmed as the best month of 2024. AfterBitcoin ‘s strong rally that drove the entire market, investors’ attention returned to Ethereum.
Here again, spot ETFs played a crucial role. In the month, net positive flows for ETFs in the U.S. slightly exceeded $1 billion in net value. Among all products, BlackRock and Fidelity’s products dominated purchases. ETHA and FETH in fact, maintain positive flows despite continued drains on the Grayscale-owned ETHE product .
On thelast Friday of the month, the expiration date of nearly $1.5 billion in options on ETH, ETFs showed the best day ever for inflow. We’re talking over $332 million, of which about $250 million came in on BlackRock’s product and the remainder on Fidelity’s product.
To date, Ethereum spot ETFs hold more than 3 million ETH, or 2.5 percent of the entire supply, worth more than $11 billion.
Ethereum's recovery and the beginning of the alt season?
Ethereum‘s price is charging the spring. With the break of the $3,700 area, ETH is getting closer to reaching its annual highs in the $4,100 area.
The first migration of capital is taking place and ETH is gaining ground against BTC, after a bear market for the pair of over 3 years. ETH/BTC is showing early signs of strength, with a 10% recovery in the last week.
