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U.S. Spot Ethereum ETFs Post $729M Inflows, ETH Nears Record High
U.S. spot Ethereum exchange-traded funds (ETFs) attracted $729.1 million in net inflows on Wednesday, their second-largest single-day total since launch, according to SoSoValue data.
BlackRock’s ETHA led with $500.9 million in inflows, followed by Fidelity’s FETH at $154.7 million. Four other spot ETH ETFs also reported positive flows. The surge follows Monday’s record $1.02 billion in inflows and Tuesday’s $523.9 million.
Ethereum rose 2% in the past 24 hours to $4,743 as of 2:30 a.m. ET Thursday, approaching its November 2021 all-time high of $4,878, data from The Block shows.
Standard Chartered raised its year-end Ethereum target to $7,500 from $4,000, citing rising institutional purchases for corporate treasuries, robust ETF demand, favorable shifts in U.S. stablecoin policy, and improving technical fundamentals.
Meanwhile, U.S. spot bitcoin ETFs saw $86.9 million in net inflows on Wednesday, following $65.9 million on Tuesday and $178.2 million on Monday. Bitcoin briefly topped $124,000 on Wednesday to set a new record before trading at $122,704, up 2.8% over 24 hours.