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Spot Ether exchange-traded funds (ETFs) in the United States saw a record $332.9 million in daily inflows on Friday.
According to Farside data, this figure eclipsed the previous record of $295.5 million set on November 11 by $37.4 million, marking a new high for investor interest in Ether-based ETFs. BlackRock, the world’s largest asset manager, played a pivotal role in the surge, contributing $250.4 million to the total inflows on November 29.
The massive inflows come as Ether’s price climbed 1.88% to $3,662 on November 29, according to CoinMarketCap data. Crypto analysts and commentators were quick to note that Ether ETFs outperformed their Bitcoin counterparts in daily inflows for the first time.
Nate Geraci, president of the ETF Store, highlighted on X that BlackRock’s iShares Ethereum Trust (ETHA) has already attracted over $2 billion in inflows since its launch on July 23.
Felix Hartmann, founder of Hartmann Capital, suggested the inflows signal Wall Street’s growing participation in the “alt rotation.” Between November 22 and 27, spot Ether ETFs saw net inflows of $224.9 million, compared to Bitcoin ETFs’ $35.2 million, which was weighed down by outflows on November 25.
Ethereum Vibin, a crypto commentator, remarked on X that this was a significant moment as “ETH ETF flows have flipped BTC ETF flows for the first time.”
Spot Bitcoin ETFs recorded $320 million in inflows on the same day, slightly behind Ether ETFs.
The milestone follows a 9.3% increase in USDT on Ethereum over the past week, while Tron experienced a 1.5% decline, bringing its supply to $58.1 billion.
Ethereum has reclaimed its position as the leading blockchain for Tether (USDT), surpassing Tron with a supply of $60.3 billion.
The total USDT supply has reached an all-time high of $132.9 billion, a bullish indicator for the broader cryptocurrency market. Ethereum solidified its lead on November 21, and the gap widened on November 23 when Tether minted $2 billion USDT on Ethereum compared to $1 billion on Tron. Other blockchains in the USDT supply rankings include BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).
This marks Ethereum’s return to dominance for the first time since August 2022.