Cryptocurrency News: The second-largest cryptocurrency asset, Ethereum (ETH), saw its price soar above $4,000 on Friday that it hasn’t done so since it briefly hit that level in March.
The increase is the result of rising demand for Ethereum ETFs; according to CoinGlass data, on December 5, the funds as a whole saw their largest-ever daily net inflow of over $428 million.
There have been significant inflows into Ethereum ETFs as analyst excitement has grown. The funds started trading in the U.S. in July, and Plume CEO Chris Yin told Decrypt in November that there is “overdue excitement” for them due to the expectation of more favorable crypto regulation under President-elect Donald Trump.
According to CoinGlass, Ethereum ETF products saw more than $750 million in net inflows this week, reflecting the excitement in order books.
Ethereum and Bitcoin ETFs have recorded record-breaking inflows since Donald Trump was elected for a second term a month ago, which resulted in Bitcoin hitting $100,000 a few days ago.
Ethereum broke $4,000, but according to CoinGecko, it is still 17% below its peak of $4,878, which was reached in November 2021.
Also Read: Cryptocurrency News: The price of XRP jumps by another 45% to $2.74
