For the first time in market history, Ethereum ETF inflows have surpassed Bitcoin ETF inflows, potentially signaling renewed interest in Ethereum.
Exclusive Rise of Ethereum ETF Interest
On November 29, Ethereum ETF inflows reached $332.9 million, the highest since trading began. This marked the first occasion Ethereum ETFs outperformed Bitcoin ETFs, with the latter at $320 million inflows during the same period.
Ethereum Open Interest Reaches New Heights
Ethereum open interest peaked at $24.34 billion last week, setting a new all-time high for the cryptocurrency. A surge in positive ETH funding rates across major exchanges confirms the bullish nature of this open interest growth.
ETH Price Breakout and Its Implications
ETH has broken out of a months-long bullish flag, evident in its weekly chart. The asset concluded the week with a breakout above its descending resistance, with the current price at $3,706.08. Bitcoin's declining dominance could herald the start of altcoin season, benefitting Ethereum.
The substantial interest in Ethereum both as an ETF and in derivatives highlights its growing appeal to investors. However, traders should proceed cautiously given the high open interest.
