A day apart. Unless you’re living in a cave cut off from everything, there’s no escaping Bitcoin’s incredible rally, which has gained 30% in the last seven days and is even back in the mainstream media. This BTC surge quickly impacted Ethereum, and November 11th was even the best trading day for spot ETH ETFs since their creation. When we think that on November 11, 2022, FTX went bankrupt and dragged cryptocurrency prices down for months, we think that the years go by, but they are not the same! A look back at a day that was definitely unlike any other.
Nearly $300 million in admissions in a single day on November 11
Following on from the highly successful Bitcoin that beat its own one-day winning record with $8,343 more on its price, Ethereum it finally seems to be waking up and the entire cryptosphere is now waiting for the second cryptocurrency on the market to confirm this upward momentum that started on a day that should go down in history. So while France was celebrating its Poilus, the United States and the rest of the world were massively buying products traded on the Ethereum exchange.
Among the companies that offer them is Fidelity which did well with $115.5 million this trading day, closely followed BlackRock with $101.1 million and Grayscale (ETH) with 63.3 million. Eventually we will find By bit in fourth place with $15.6 million. Since the data for the other ETFs has not been updated, we cannot take them into account, but the big winners of the day are indeed among those already mentioned.
BlackRock, Fidelity and Grayscale on the Ethereum spot ETF podium
These four add up 295.5 million dollars, thus the best performance of these financial products since their launch, knowing that the previous record came from exactly the first day of trading with 106 million dollars. However, these numbers still need to be qualified as the Grayscale fund sold its ETHE shares en masse that day, weighing on the overall results.
Now looking at the results as a whole, it’s good BlackRock which still holds the rope with $1,538 million, follows Fidelity and his 672.6 million, Grayscale and its Mini Trust with 361.8 million a By bit with $343.4 million. They are followed by VanEck, Franklin, Invesco and 21Shares with $93.6, $37.1, $27.9 and $21.9 million respectively. The case of Grayscale’s master trust is specific and still shows a negative balance with outflows of $3,125 million since July.
According to the general opinion of observers polled by the trade press, Ethereum should (finally) wake up and approach its previous ATH before likely surpassing it. Tokenization of the financial sector should inevitably pull ETH up, and if the new Trump administration takes a decision in this direction, the prince of cryptocurrency should logically follow the king of Bitcoin north. Wait and see.