Recent on-chain data revealed that Ethereum, the second-largest cryptocurrency by market capitalization, has racked up another success, indicating a significant surge in investor interest.
Data from SoSo Value revealed that at the close of the market on Wednesday, US Spot Ethereum Exchange-Traded Funds (ETFs) recorded a staggering $729.1 million in daily inflows.
ETH ETF’s latest record marks the second-largest single-day inflow since the launch of the crypto product, indicating a growing increase in institutional demand for the largest altcoin.
Several spot Ether ETFs from prominent issuers collectively contributed to the impressive $729.1 million inflow.
At the top of the list was BlackRock’s ETHA (iShares Ethereum Trust ETF), which recorded substantial inflows of $500.9 million. Fidelity’s FETH (Fidelity Ethereum Fund) followed closely with a $154.7 million inflow, with other notable ETH ETFs also contributing with their various records of positive flows.
Record-Breaking Ethereum ETF Inflows Continue
Ethereum ETFs achieved this impressive milestone a few days after it attained a record-shattering $1.02 billion inflow on Monday. Monday’s $1.02 billion record marked the largest amount of inflows the crypto product has achieved since its launch in July 2024.
The crypto market’s enthusiasm for Ether-based ETFs continues unabated, as evidenced by its recent trading records, with a notable streak of uninterrupted inflows. Following a substantial $523.9 million influx on Tuesday, the cumulative total over the past three days has surged to an astonishing $2.2 billion.
The cumulative total over the past few days eerily mirrors one of the highest weekly records for Ethereum ETFs, achieved in July. What’s even more striking is that this week is not yet over, suggesting that there is a potential for new records.
Ethereum on Bullish Streak
Ethereum has been making significant strides in recent times, even outperforming the largest cryptocurrency in certain areas. For instance, a weekly record in July revealed that Ethereum ETFs attracted a staggering $1.85 billion in inflows, dwarfing Bitcoin (BTC) ETFs, which saw a comparatively modest $78 million in intake.
Ethereum’s recent feats are a result of a shift in institutional interest. A notable example is Bit Digital dumping its bitcoin mining operations to focus on Ethereum staking. The platform even sold all its BTC to boost further Ethereum acquisitions.
Find Cryptocurrencies to Watch and Read Crypto News on the Go Follow CryptosToWatch on X (Twitter) Now
