US spot Ethereum ETFs (exchange-traded funds) registered record inflows as CoinMarketCap’s Altcoin Season Index surged.
Ethereum, the largest altcoin by market cap, saw its ETFs record $294.9 million in inflows on Nov. 11, well above the previous record of $106.6 million set at their July debut, according to data from SoSo Value .
Meanwhile, the CoinMarketCap Altcoin Season Index, which provides real-time insights into whether the market is currently in an altcoin season, surged 56% from a reading of 23 on Nov. 4 to 37, signaling growing momentum for altcoins led by Ethereum.
Ethereum (ETH) itself has surged 32% in the past week to trade at $3,244.11 at 11.33 a.m. EST.
Fidelity’s FETH Leads Spot Ethereum ETFs In Inflows With A Record Of Its Own
Fidelity’s spot Ether ETF, FETH, recorded the most inflows during yesterday’s trading session after $115.5 entered its reserves. This was a new record for FETH. Meanwhile, the fund belonging to asset management giant BlackRock took second place with its $100.5 million inflows.
Grayscale’s Ethereum Mini Trust ETF (ETH) took third place after investors sent $63.3 million to the investment product, while Bitwise’s Ethereum ETF (ETHW) posted $15.6 million inflows. The rest of the funds recorded no new flows yesterday.
The inflows happened as ETH, the largest altcoin by market cap, soared from a daily low of $3,144.87 to a 24-hour high of $3,444.15 during yesterday’s trading session. ETH has since pulled back to trade at $3,263.23 as of 8:26 a.m. EST, but is still up more than 2% on the 24-hour time frame.
CoinMarketCap Altcoin Season Index Soars 56% In A Week
While the CoinMarketCap Altcoin Season Index shows that an altcoin season is not in play just yet, it does show that the crypto market is transitioning out of a “Bitcoin Season.”
Over the past 90 days, First Neiro On Ethereum (NEIRO) has led the altcoin market in gains, and has emerged as the best performer in the top 100 list. CoinMarketCap’s Index shows that the meme coin’s price has skyrocketed over 70,100% during this period.
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