he crypto market saw a notable shift on November 29th when Ethereum-based ETFs outperformed their Bitcoin peers in one-day net inflows for the very first time.
According to data from Farside, Ethereum ETFs raked in an astonishing $332 million in net inflows, while Bitcoin ETFs trailed behind at $320 million.
Ethereum's Institutional Allure Soars
This milestone underlines the growing institutional appetite for Ethereum, the world's second-largest cryptocurrency.
According to data from IntoTheBlock, 90.8% of Ethereum holders are currently in profit— a level last seen in June. This high profitability no doubt has triggered institutional demand for Ethereum-based investment products.
Ethereum Price Reacts with Bullish Momentum
Ethereum's price immediately reacted to this inflow of institutional capital, as it rallied to a high of $3,688 on November 29th.
Analysts are saying the breaching of the resistance at $3,800 might just shoot Ethereum through to the psychologically important level of $4,000 and create substantial short liquidation that drives further upward action in prices.
What This Portends for the Crypto Space
This, in turn, marked a change in the crypto landscape, with Ethereum further consolidating its position as a worthy competitor to Bitcoin.
At the same time, although Bitcoin is an absolute leader, Ethereum has increasingly drawn more and more attention from institutional investors looking for diversification and exposure to this blossoming crypto ecosystem, with various use cases, including DeFi and NFTs.
While the market matures, competition between Ethereum and Bitcoin ETFs promises to continue escalating as these two digital assets vie to get the largest chunk of institutional capital.
