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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Ethereum ETFs Record Largest Inflows Since August Amid ETH’s Rally To $2,900

Rubmar Garcia
Rubmar Garcia
Last Updated: November 9, 2024 8:00 am
3 mins read
Ethereum, ETH, Crypto

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ethereum (ETH) registered a remarkable performance following Donald Trump’s victory in the November 5 US elections. The second-largest cryptocurrency by market capitalization has jumped 21.9% in the past three days, reigniting investors’ bullish sentiment for the crypto and ETH-based investment products.

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Ethereum ETFs See Third Best-performing Day

Amid ETH’s price rally, spot Ethereum exchange-traded funds (ETFs) have recorded their best-performing day in 13 weeks. Launched in late July, ETH ETFs have seen a shaky performance in the past few months.

The crypto investment products surpassed experts’ expectations during its first two days. However, ETH ETFs recorded massive outflows amid Q3 market retraces.

Ethereum-based products saw their second-largest single-day inflow since launch during the early August correction. As the market recovered from the crash, Ethereum ETFs registered $98.4 million in positive net flows, led by Blackrock’s ETHA.

Since then, the crypto products have struggled to break past the $20 million mark, only registering inflows above that range five times in three months.

ETH’s current rally has seemingly improved sentiment around the cryptocurrency and the investment products based on it, as it has recorded a notable performance during the last two days.

Ethereum ETFs recorded their best-performing day in six weeks, seeing $52.3 million in inflows on Wednesday. Meanwhile, the investment products saw their third-largest single-day performance on Thursday and their best day since August 6, with $79.7 million in inflows.

ETH Rallies 16%, Is $3,500 Next?

Ethereum has seen a massive 16.6% surge in the last seven days, jumping from the $2,500 support zone to the $2,900 mark lost mid-Q3. The “King of Altcoins” lost the $3,000 support zone in early August, recording a 23% correction during the market retraces.

The cryptocurrency struggled to break past the crucial $2,800 resistance level, being rejected from this level for the past three months. However, Republican candidate Donald Trump’s victory in the Thursday presidential elections has given the whole crypto market a renewed push toward the second leg of the bull run.

In the last three days, the flagship cryptocurrency, Bitcoin (BTC), has entered price discovery mode, setting its latest all-time high (ATH) at $76,800 on Thursday. Meanwhile, Ethereum saw its price move from the $2,400 range to near the long-awaited $3,000 resistance.

Crypto analyst Rekt Capital noted that ETH’s recent performance filled its GME gap, which formed in early August. The gap saw ETH’s price go from $3,000 to $2,700 before crashing on August 5.

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Per the analyst, a weekly close above the current levels, followed by a retest, would confirm ETH’s breakout from the 3-month range. Moreover, reclaiming the $2,900 resistance would “set ETH up for a move to $3,500 over time,” which could further propel Ethereum’s rally toward its yearly high above $4,000.

As of this writing, Ethereum is trading at $2,925, a 4.2% increase in the last 24 hours.

Ethereum, ETH, ETHUSDT
Ethereum (ETH)’s performance in the three-day chart. Source: ETHUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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