Data shows the US Ethereum spot ETFs have just seen their biggest day of inflows, driven largely by demand on BlackRock and Fidelity.
Ethereum spot ETFs gained approval in the US nearly one year ago. Since then, demand has varied, but the asset has lately been on a positive run of inflows, with the most recent numbers showing momentum is only accelerating.
Below is a table that shows how the netflow related to the various Ethereum spot ETFs has looked during the last couple of weeks.
BlackRock’s ETHA saw the largest share of July 16th inflows at almost $500 million. Fidelity’s FETH was a distant second, purchasing about $133 million in the cryptocurrency on behalf of its users.Capital has poured into the spot ETFs as Ethereum has seen a breakout above the $3,000 level, which has so far brought it to $3,400 for the first time since January.
Since retail investors far outweigh the larger holders in terms of numbers, this metric ends up reflecting the behavior of the small hands. From the graph, it’s apparent that the ETH Social Dominance has seen a huge spike alongside the price surge, with 13.4% of all digital asset discussions on social media now involving the coin.
Clearly, retail is taking note of the asset now, but historically, overhype among the crowd is something that has tended not to end well for cryptocurrencies, so this trend could be one to keep an eye on.
At the time of writing, Ethereum is trading around $3,400, up more than 23% over the last week.
