Outside Source
- Spot Ethereum ETFs saw $333 million in inflows on Friday, November 29th, which shows institutional interest in the second-largest cryptocurrency.
- Experts attribute this renewed interest to expectations for clearer crypto regulations in the US and a positive outlook on DeFi.
The top 10 spot Ethereum ETFs in the US recorded $333 million in inflows on Friday, following a positive week of inflows totalling $466.5 million, outpacing Bitcoin which recorded $318.60 million on Friday and a weekly net outflow of $136.5 million.
Since Ethereum spot ETFs were approved by the SEC in July 2024, the crypto’s price has lagged behind Bitcoin’s and the wider crypto market despite the industry’s clamour for approval. Ethereum’s price fell roughly 32% in the first 15 days after approval compared to Bitcoin’s which fell only 15.02% within the same period after the Bitcoin ETF approval in January 2024.
Renewed interest in Ethereum
Despite Ethereum’s paltry performance, recent data shows rising interest as institutions and traders turn their eyes to crypto.
The Future Finance Report from Sygnum Digital Bank, which measures market sentiments and the behaviours of professional and institutional investors, showed that 90% of the 405 traditional investors surveyed were currently invested in blockchain protocol coins (which are largely Layer 1 coins).
The report also showed that 31% of the respondents who already hold crypto planned on increasing their allocation in Q4-2024 while 32% planned to increase their portfolio in the next six months.
Of the respondents who did not currently hold cryptocurrency in their portfolios, 43% planned to increase allocation within the next year. Overall, 79% of all respondents planned to increase allocations within the next 6 months.
Ethereum’s open interest grows
CME OI historicals for Ethereum show that open interest has been on the rise since Nov. 4th and is at $3.01 billion as of publishing, signalling more institutional interest in Ethereum.
Ethereum has been on an uptrend since reaching a yearly low of around $2,100 in August and is now closer to its yearly high at $4,100.
Ethereum trades at $3,600 as of writing, close to its yearly high.
This article first appeared at CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison
