Traditional Investors Now Prefer Ethereum to Bitcoin
Ethereum spot ETFs surpass Bitcoin ETFs during the ETH price surge, reaching a historic milestone with a $333 million daily inflow.
Ethereum spot ETFs had $332.92 million in daily net inflows in November surpassing the $320.01 million of Bitcoin spot ETFs for the first time since their launch, according to data from SoSoValue.
This development comes when Ethereum’s price has broken the $,3,600 resistance line, while Bitcoin has barely moved above $97K. Ethereum ETFs started to trade on July 23 in the world’s largest economy. These ETFs are authorized by the U.S. Securities and Exchange Commission, which includes goods from renowned financial firms like Grayscale, Fidelity, and BlackRock, among others. They give them exposure to the price of the cryptocurrency without requiring investors to hold Ethereum directly.
ETH has demonstrated growing bullish sentiment by setting up solid support levels at $3,300 and $3,5000 support lines. Important moving averages, including the 50, 100, and 200 EMAs, point upward, support the positive momentum. After breaking out of a consolidation phase, there was a rally in early November, and the current price of $3,565 is still just below testing resistance at $3,800.
Ethereum’s ascent and BTC’s waning dominance may portend a more significant change in the cryptocurrency market. Investors seem to be diversifying their holdings to capitalize on opportunities presented by cryptocurrencies other than Bitcoin. This pattern might also be a sign that the market is maturing and that investors are now considering cryptocurrencies on their own merits rather than just Bitcoin.
The Ethereum Foundation (EF) has declared a significant financial commitment, allocating “tens of millions” of dollars to the development of zero-knowledge Virtual Machines (zkVMs), that will improve the Ethereum ecosystem’s scalability and security.
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