Ethereum ETFs Smash Daily Record With Over $1 Billion in Investments

The post Ethereum ETFs Smash Daily Record With Over $1 Billion in Investments appeared on BitcoinEthereumNews.com.

In brief Investors put over $1 billion into Ethereum ETFs on Monday, breaking the single-day record. The surging investment shows that people finally understand the cryptocurrency, Bloomberg analyst Eric Balchunas told Decrypt. Ethereum’s price is now close to breaking a new all-time high, topping $4,500 on Tuesday for the first time since 2021. Investors threw more money at Ethereum exchange-traded funds than ever before Monday as the coin piques institutions’ interest and inches towards a new record price.  Over $1 billion in cash hit Ethereum ETFs on Monday, Farside Investors data shows, smashing the previous single-day record of $726.6 million worth of investments, set in July. The nine funds trading on U.S. stock exchanges now manage over $10 billion in assets. Of the nearly $1.019 in investments that poured into Ethereum ETFs on Monday, BlackRock’s iShares Ethereum Trust ETF dominated with about $640 million worth of inflows. ETH’s price touched $4,000 per coin on Friday for the first time since last December, and then went on to top $4,500 on Tuesday afternoon. Ethereum hadn’t traded that high since late 2021.  According to CoinGecko, Ethereum has now surged by nearly 26% over a seven-day period, and more than 50% in the last 30 days. The asset’s all-time high is $4,878, which it hit in 2021—and it’s now just 8% below a new record. Myriad users broadly expect Ethereum to set a new all-time high this year, giving the coin an 89% chance as of this writing. (Disclaimer: Myriad Markets is a product of Decrypt‘s parent company, DASTAN.) The price surge may be fueling interest in the ETFs… which in turn could be fueling further price gains. “There was a moment when people saw the price going up and thought, ‘It must be good,’” Bloomberg Intelligence Senior ETF Analyst Eric Balchunas told…