Ethereum (ETH) exchange-traded funds (ETFs) in the U.S. experienced record-breaking daily inflows on Friday, indicating a surge in interest in the second-largest cryptocurrency as a catch-up trade following a period of underperformance compared to Bitcoin (BTC) this year.
According to data compiled by Farside Investors, spot ETH ETFs collectively attracted $332.9 million in net inflows during Friday’s trading session. The two leading products, BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH), saw inflows of $250 million and $79 million, respectively.
This marked the fifth consecutive session of net inflows for Ethereum ETFs, capping off a strong week with a total of $455 million in net inflows, as reported by SoSoValue data. The increased interest in Ethereum comes as traditional U.S. markets were closed for Thanksgiving on Thursday.
Interestingly, Ethereum ETFs outperformed Bitcoin ETFs in terms of inflows, with Bitcoin ETFs only garnering $320 million in inflows on Friday and experiencing net outflows throughout the week.
The resurgence of interest in Ethereum can be attributed to a variety of factors, including Donald Trump’s recent election victory reigniting interest in alternative cryptocurrencies (altcoins) and decentralized finance (DeFi) applications.
In addition to the strong ETF inflows, open interest for Ethereum futures on the Chicago Mercantile Exchange (CME) hit all-time highs of nearly $3 billion, according to CoinGlass data, underscoring the growing positive sentiment towards the digital asset.
Notable crypto trader Edward Morra referred to Ethereum as “the most obvious catch-up trade of this cycle,” highlighting the potential for significant gains in the cryptocurrency.
While Bitcoin has been consolidating below $100,000, Ethereum has shown relative strength, reaching a five-month high above $3,700 on Saturday. Ethereum has outperformed Bitcoin on a weekly and monthly basis, although it still lags behind in year-on-year performance, according to CoinDesk Indices data.
Market strategist Joel Kruger from LMAX Group suggested that the ETH-BTC ratio may be forming a major bottom after a three-year downtrend. He attributed the shift in sentiment towards Ethereum to the improved outlook for the DeFi space and a more favorable regulatory environment under the incoming U.S. administration.
Overall, the recent surge in interest and investment in Ethereum ETFs signals a renewed confidence in the cryptocurrency and its potential for growth in the coming months. With strong inflows and positive price action, Ethereum is positioning itself as a top contender in the digital asset market. The Impact of Social Media on Mental Health
In today’s digital age, social media has become an integral part of our daily lives. With the rise of platforms like Facebook, Instagram, Twitter, and TikTok, we are constantly connected to our friends, family, and the world around us. However, while social media has many benefits, it also has a dark side that can negatively impact our mental health.
One of the biggest concerns surrounding social media is the pressure to present a perfect image of ourselves online. With filters, editing tools, and carefully curated posts, it’s easy to create a facade of a flawless life. This can lead to feelings of inadequacy and low self-esteem as we compare ourselves to others who seem to have it all together. Studies have shown that excessive use of social media can contribute to anxiety, depression, and body image issues, especially among young people.
Another issue with social media is the constant stream of information and notifications that can be overwhelming and contribute to feelings of stress and anxiety. The need to constantly check our phones for updates and notifications can disrupt our daily routines and prevent us from fully engaging in the present moment. This constant state of distraction can have a negative impact on our mental well-being and overall quality of life.
Furthermore, social media can also be a breeding ground for cyberbullying and online harassment. With the anonymity that the internet provides, people may feel emboldened to say hurtful and harmful things to others without facing any consequences. This can have serious consequences on the mental health of those who are targeted, leading to feelings of isolation, shame, and even thoughts of self-harm.
Despite these negative effects, social media can also have positive impacts on mental health. Platforms like Instagram and Facebook can be used as tools for social support and connection, allowing us to stay connected with friends and family members who may be far away. Additionally, social media can be a source of inspiration, motivation, and empowerment, providing a platform for individuals to share their stories and connect with others who may be going through similar experiences.
In conclusion, while social media has the potential to have a positive impact on our mental health, it is important to be mindful of how we use these platforms and the effects they may have on our well-being. Setting boundaries, limiting screen time, and being selective about who we follow can help mitigate some of the negative impacts of social media on mental health. It’s crucial to prioritize our mental well-being and take steps to protect ourselves from the potential harms of excessive social media use.