U.S.-listed ether (ETH) exchange-traded funds (ETFs) surpassed $1 billion in daily inflows for the first time on Monday as the second-largest cryptocurrency hit its highest price for over three and a half years.
The nine ETFs comfortably surpassed the previous daily high of $726.74 million from July 17, according to data tracked by SoSoValue.
BlackRock’s (BLK) ETHA led the way, registering inflows of just under $640 million, while Fidelity’s FETH was a rather distant second with $276.9 million. Cumulative inflows into the funds now sit at $10.83 billion with total assets valued at $25.71 billion, equivalent to 4.77% of ether’s market cap.
ETH rose as high as $4,358 on Monday, its highest level since December 2021, according to CoinDesk data.
Ether’s gains followed data that cemented expectations the Federal Reserve would lower interest rates, making riskier assets more attractive. The probability of a 25 basis point cut in September is some 84%, according the CME’s FedWatch tool.
In addition, the U.S. Securities and Exchange Commission (SEC) finally dropped its lawsuit against XRP developer Ripple, providing a further boost to the broader altcoin market.
Read More: ETH Transaction Volume Climbs on Price Rally, Cheaper DeFi Costs