Spot Ethereum exchange-traded funds (ETFs) have recently experienced a remarkable turnaround, achieving their highest weekly inflows since early August. This shift follows a six-week streak of negative outflows, culminating in BlackRock's ETF reaching a notable milestone: a net asset value exceeding $1 billion.
According to data from SoSoValue, US-based spot Ethereum ETFs recorded $58.7 million in inflows on Friday, leading to a net positive inflow of approximately $84.5 million for the week. This is the first week of positive inflows since the funds launched in late July.
Despite the larger one-day inflow seen by Fidelity, BlackRock's ETHA fund has now joined Grayscale's Ethereum Mini Trust as the second fund to achieve over $1 billion in net asset value.
As of now, the total net asset value for Ethereum funds stands at $7.4 billion, marking the highest value since August 26. The Federal Reserve's recent rate cuts have contributed to renewed optimism in the Ethereum market, with ether's price outperforming that of Bitcoin.
Transaction fees have surged recently, driven by a notable increase in blockchain activity. This uptick reflects a growing interest in Ethereum and its associated financial products.
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