As a seasoned researcher with over two decades of experience in the financial markets, I can confidently say that this shift in investor sentiment towards Ethereum ETFs is not only intriguing but also a testament to the evolving nature of the cryptocurrency market. Having closely observed the rise and fall of various assets, I must admit that I’ve rarely seen such a swift and significant change as we witnessed on November 29, 2024.
2024 marked the first occasion where daily investments into Ethereum spot ETFs exceeded those for Bitcoin ETFs, as reported by Farside Investors on November 29th. The difference in favor of Ethereum amounted to $332.9 million, outpacing Bitcoin’s inflow of $320 million, indicating a notable change in investor preference.
BlackRock’s ETHA spearheaded the rise, amassing $250.4 million, with Fidelity’s FETH coming second at $79.1 million and Grayscale’s Mini $ETH gathering $3.4 million. These substantial inflows correlate with a decrease in Bitcoin’s dominance to 57.66%, from its previous high of 61.78% in early November, suggesting an expanding curiosity towards other digital currencies.
Currently, the combined worth of all Bitcoin spot ETFs is approximately $105.28 billion. This figure represents around 5.47% of the overall market value of Bitcoin. Over time, a total of $30.70 billion has flowed into these ETFs.
Over the past seven days, I’ve noticed a significant surge in Ethereum’s Total Value Locked (TVL), climbing up to an impressive $70.15 billion, marking a 9.23% increase. On the other hand, Solana’s TVL has dipped slightly by 1.6%, now standing at around $9.20 billion. Interestingly, Tron’s TVL has shown some positive movement, growing by 2.07% to approximately $7.86 billion over the same period. As a crypto investor, it’s always fascinating to see these fluctuations and understand their potential impacts on my investments.
The cost of Ethereum climbed above $3,700 yesterday, signifying a 2.5% increase on a daily basis and a 22% boost since Bitcoin’s influence started waning. Simultaneously, Bitcoin is experiencing a period of correction, which is adding to the acceleration of alternative cryptocurrencies such as Ethereum.
This significant event suggests a possible change in the established norm (paradigm shift), as Ethereum’s expanding network and rising Total Value Locked (TVL) attract investor interest, with the cryptocurrency market branching out from Bitcoin.
Read More
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- AI16Z PREDICTION. AI16Z cryptocurrency
- A Palace x Nike Air Max DN8 Collab Is Rumored for 2025
- Amy Adams’ Nightbitch Has A Scene That Was So Disgusting, Crew Members Had To Leave The Room While They Filmed It
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- When Dharmendra said Sunny Deol and Bobby Deol didn’t have affairs with heroines and were ‘innocent’, recalls Gadar 2 director Anil Sharma
- Felicity Jones Has a Fresh (and Minimalist) Take on Method Dressing Trend at ‘The Brutalist’ Premiere
- Bleach: Brave Souls has released a New Year’s update with refreshed versions of popular characters
- Li Haslett Chen to Leave Warner Bros. Discovery Board
- The Best Fashion Audiobooks on Audible for Aspiring Stylists, Hypebeasts and Everyone In Between
2024-11-30 12:22