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.
Also Read: Ethereum Hits $3600: Will $4000 Be the Next This Week?
