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Ethereum exchange-traded funds (ETF) have put their underwhelming days of performance behind them. Data from Farside Investors show two consecutive days of massive inflows into Ethereum ETF products. This inflow streak comes after the week witnessed huge outflows and zero net flow, signaling a shift in investors’ outlook on the product.

Ethereum ETF inflows signal institutional interest

Data shows that the nine Ethereum ETF products registered a cumulative inflow of $79.7 million, $27.4 million higher than the previous inflow of $52.3 million.

Fidelity (FETH) led the daily inflow with $28.9 million, a $2 million increase from Wednesday, Nov. 8's, inflow of $26.9 million. Two other top inflows came from BlackRock (ETHA) and VanEck (ETHV), with $23.7 million and $12.7 million, respectively.

Other asset managers that registered inflows on that day were Bitwise (ETHW), Invesco (QETH) and Grayscale (ETH), with $6.6 million, $2.3 million and $5.5 million, respectively. The other asset managers, namely 21Shares (CETH), Franklin (EZET) and Grayscale (ETHE), all had zero net flows.

An analysis of the data reveals that only two products linked to Fidelity and Grayscale recorded inflows on Wednesday, Nov. 6. However, investors have picked up interest in Ethereum ETF and given attention to other asset managers. On Nov. 7, six products received inflows, highlighting the uptick in interest from institutional investors.

Can institutional backing drive momentum?

As reported earlier by U.Today, the State of Michigan Retirement System is one such institutional investor. 

The organization bought 460,000 shares of Grayscale Ethereum Trust (ETHE), valued at approximately $10 million. It also purchased the same volume of Grayscale Ethereum Mini Trust (ETH), bringing its total exposure to $11.2 million.

Interestingly, these Ethereum ETF inflows come amid soaring ETH prices. On Nov. 7, Ethereum registered a significant uptick, peaking at $2,945.57 in cryptocurrency trading. As of this writing, ETH now exchanges at $2,921.88, up by 5% in 24 hours.

If this ETH sentiment is sustained, it may drive prices above the $3,000 level.