Spot Ethereum exchange-traded funds accumulated $138.2 million in net inflows in the last day, their biggest single-day inflows since Feb 25. As per the data by SoSoValue, BlackRock’s ETHA directed the inflows of the day, having $81.7 million entering the fund.
The biggest investment manager’s Staked ETH ETF (ETHB) followed with $67.2 million in net inflows. More satisfactory inflows were witnessed by Greyscale’s ETH and ETHE funds, which captivated $15.4 million and $9.4 million, respectively.
Portions of these gains were balanced by Fidelity’s FETH, which witnessed $35.4 million in withdrawals. The recent inflows elaborate the investment product’s inflow streak to six straight days at the time when they managed to pull in more than $385 million from investors.
The Positive Week
Ethereum ETFs have set foot into a fourth positive week, captivating around $440 million in total. The increase in institutional interest is attributed to the continuous and aggressive ETH accumulation strategy by Bitmine at the time of wider macroeconomic and geopolitical uncertainty in the Middle East.
At the same time, Lee has also called a market bottom for Ethereum after it slipped to a local low of $2,150 on March 16, indicating that the current pullback may have marked the end of the short-term downtrend and could clear the way for a recovery.
At the time of writing, the price of Ethereum was trading around $2,328 after bulls were not able to break over $2,400 resistance on March 17. Markets now seem to be awaiting the Federal Reserve interest rate reduction decision set to be unveiled later today.
It is highly anticipated that the Federal Open Market Committee (FOMC) will pick to hold interest rates steady in the recent range of 3.5% to 3.75%, with CME FedWatch Tool data revealing odds of more than 98% for a halt.
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