November Sets Records for Ethereum: ETF inflows at an all-time high, ETH price heads toward $4,000, and the door opens to a new Alt Season.
Record Spot ETF Flows for Ethereum
November has concluded as the best month of 2024. Following Bitcoin's strong rally that led the entire market, investor attention has shifted back to Ethereum.
Here too, spot ETFs played a crucial role. In November, net positive flows for ETFs in the United States slightly exceeded $1 billion in net value. Among all products, BlackRock and Fidelity's offerings dominated purchases. Specifically, ETHA and FETH maintained positive inflows despite the continuous outflows from Grayscale's ETHE product.
The last Friday of the month, marking the expiry of nearly $1.5 billion in ETH options, was the best day ever for ETF inflows. The value surpassed $332 million, with approximately $250 million entering BlackRock's product and the remainder into Fidelity's.
As of today, Ethereum spot ETFs hold more than 3 million ETH, equivalent to 2.5% of the total supply, with a value exceeding $11 billion.
Ethereum's Recovery and the Start of an Alt Season?
Ethereum's price is gearing up for a breakout. With the breach of the $3,700 level, ETH is edging closer to its yearly highs around $4,100.
The first capital migrations are underway, with ETH gaining ground against BTC after a bear market for the ETH/BTC pair lasting over three years. ETH/BTC has shown the first signs of strength, recovering 10% in the past week.
At the same time, Bitcoin's dominance is showing initial signs of reversal. With a 5% monthly decline, significant liquidity has flowed into altcoins.
The early indicators of the much-anticipated Alt Season are beginning to emerge, though the market itself will ultimately provide the definitive answer.
By Gue22 🌐🚀