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ZEC U.S. spot Ethereum ETF hits largest single-day capital inflow in 10 months
On Thursday, the U.S. spot Ethereum ETF recorded its strongest single-day performance in 10 months, with a net inflow of US$225.8 million, and extended the record of consecutive buying to the ninth trading day.
data shows that the last time a net outflow occurred was on August 11, and the only trading day since then without a net inflow or net outflow was August 14. The cumulative inflow of $1.42 billion over the nine trading days starting August 17, and Thursday's total inflow was the highest level since October 28 last year.
BlackRock is the main driver of this round of inflows. Its ETHA fund attracted $1.02 billion in nine trading days, accounting for 72% of total inflows in the category, and there was not a single day when net purchases were zero. Blockchain Analytics Company pointed out on Thursday that cumulative inflows in the first eight days were US$889.8 million, which is exactly consistent with figures calculated by data providers.
Fidelity's FETH Fund was the second-largest inflow, posting its best single-day performance in the round with US$56.2 million on Thursday. BlackRock's Ethereum pledge product ETHB also recorded a net inflow of US$20.7 million on the same day.
The funding gap between the Ethereum ETF and the Bitcoin ETF has almost disappeared. On Thursday, the U.S. spot Bitcoin ETF had a net inflow of $242.3 million, only $16.5 million more than the Ethereum ETF. On the first day of the two rounds of market exchanges on August 17, the inflow of Ethereum ETF was only one-tenth of that of Bitcoin ETF.
According to the cryptocurrency data platform, Ethereum traded at about $2477 on Friday, down 0.5% in the past 24 hours, but up about 5% weekly.
Bitwise Europe senior research assistant said that capital inflows come from outside the cryptocurrency space. He rated inflows this week at $713.6 million, consistent with data providers 'statistics, and said the funds were "likely driven by a significant increase in cross-asset risk appetite." This indicator measures risk appetite in traditional markets.
Ethereum still lags behind Bitcoin and major altcoins during the same period. The analyst believes that "this lag is reasonable given Ethereum's strong performance since the start of the broader cryptocurrency rally on August 19, especially in the past few months." Since then, funds have been rotated to "higher-beta blue-chip currencies such as ZEC, XRP, SOL and HYPE", which perform better. He noted that Bitwise's dispersion index rose this week, indicating that "the market is being driven by a broader narrative."
The analyst pointed out that Ethereum is currently hovering around its 200-week moving average for the first time since falling below support at the end of January, calling it an "important level to hold" that could affect short-and medium-term momentum. He added that investors collected about 1.1 million ETH positions around that level, a position that "could create temporary resistance if these holders choose to sell on the rise."
Capital inflows by themselves may not be enough to support the market. "Due to the reflective and momentum-driven nature of capital flows, the market needs a rebound in spot volume to remain stable," the analyst said. He pointed out that since the rebound began on August 19, spot trading volumes have dropped to a year-on-year percentile level of 16%.
