The price of the ETF soars past $4,000 as demand for the ETF increases

Finally, ETH has joined the bull party as its price soared above $4,000 for the first time since March of this year.

This dramatic increase comes on the back of growing interest and demand for spot Ethereum ETFs, as Thursday was the best day ever in terms of net inflows.

ETHUSD. Source: TradingView

On the day the US presidential election was decided, November 6, the price of ETH struggled around $2,500. The rest of the market was waiting for the results, but once it became clear that Trump will be the next POTUS, BTC and most of the highs exploded.

Ethereum also rose, but remained in the shadow of bitcoin and many altcoins, including XRP, DOGE, XLM, TRX, SOL, and even BNB at one point. Many of them hit all-time highs, while others reached multi-year peaks.

ETH was unable to keep up and its price stayed within a tight range between $3,000 and $3,400 for a few weeks. However, its moment finally came last week, as the second-largest digital asset soared 14% in that time frame.

Also, ETH has increased by over 6% in the last 24 hours alone. This has helped it break the coveted $4,000 level for the first time since March this year. It rose to nearly $4,100 minutes ago and now remains inches below that level.

Perhaps the most likely reason behind this impressive rally is the change in dynamics around local Ethereum ETFs. The financial vehicles struggled for months to attract investors’ attention, especially compared to their BTC counterparts, but the picture is completely different now.

Ethereum ETFs posted their best day yet on December 5, seeing $428.5 million in net inflows. That broke the previous record set on November 29 of $332.9 million.

BlackRock’s ETHA led the pack, with $292.7 million, followed by Fidelity’s FETH ($113.6 million).

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