Spot ETH ETFs Surpass BTC ETFs in Daily Net Flow For First Time

For the first time in history, Ethereum spot ETFs outpaced Bitcoin ETFs in daily net inflows on November 29, 2024, signaling a significant shift in investor sentiment. Ethereum ETFs recorded a net inflow of $332.9 million, surpassing  Bitcoin’s inflow of $320 million, according to a report by Farside Investors.

The surge was led by BlackRock’s ETHA, which garnered $250.4 million, followed by Fidelity’s FETH at $79.1 million, and Grayscale’s Mini $ETH with $3.4 million. The increasing inflows coincide with a drop in Bitcoin dominance to 57.66%, down from its 61.78% high earlier in November, indicating a growing interest in alternative cryptocurrencies.

As of writing, the total net asset value of Bitcoin spot ETFs stands at $105.28B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 5.47%. The historical cumulative net inflow has reached $30.70B. In the past 7 days, Ethereum’s Total Value Locked (TVL) has also increased by 9.23%, reaching approximately $70.15 billion. According to Deflama, Solana’s TVL is about $9.20 billion, which has decreased by 1.6% over the past week; Tron’s TVL is approximately $7.86 billion, with an increase of 2.07% in the last 7 days.

Ethereum’s price surged to over $3,700, marking a 2.5% daily gain and a 22% rally since Bitcoin’s dominance began declining. Meanwhile, Bitcoin is undergoing a correction phase, further fueling the momentum of altcoins like Ethereum. This landmark moment highlights a potential paradigm shift, with Ethereum’s growing ecosystem and increasing TVL capturing investor attention as the market diversifies beyond Bitcoin.