Ethereum ETF investors are starting to forget what the colour red looks like.

Just one year after their launch in the US, spot Ethereum funds are approaching their eleventh consecutive week of investments, raking in more than $6.4 billion over that stretch.

That accounts for roughly 72% of their total $8.9 billion in investments since inception.

Momentum has only gotten stronger in recent days.

ETFStore president Nate Geraci noted that Ethereum ETFs have outpaced their Bitcoin counterparts in net investments for six trading days in a row, with $2.4 billion flowing into Ether products versus $830 million for Bitcoin.

Much of that came from Fidelity’s Ether fund, called ETHA, which just doubled in size from $5 billion to $10 billion in only 10 days.

It’s the “ETF asset equivalent of a God candle,” Bloomberg ETF analyst Eric Balchunas wrote on X, adding that ETHA is now the third-fastest ETF in history to hit $10 billion, behind only BlackRock’s and Fidelity’s Bitcoin funds.

While Bitcoin ETFs still lead in total assets by a wide margin, Ethereum’s rapid rise suggests a shift in investor appetite. Investors may prefer holding an Ether fund as a proxy for riding the token’s latest rebound without needing to hold the asset itself.

After hitting a two-year low near $1,400 in April, Ethereum has more than doubled to around $3,600.

Some analysts are pointing to the passage of landmark stablecoin regulation in the US as a key driver.

After all, roughly 50% of the entire $265 billion stablecoin industry exists on the Ethereum network, according to DefiLlama.

“The standout proposition of institutional Ethereum accumulation seems to be stablecoin growth, which has been further accelerated by the recent success of Circle IPO,” Matthew Dibb, the chief investment officer at digital asset manager Astronaut Capital, told Reuters.

Now, investors are setting their sights even higher for the number two cryptocurrency.

Arthur Hayes, CIO of Maelstrom, has placed a $10,000 price target on Ethereum this year, while other analysts see $7,000 as increasingly realistic.

Crypto market movers

• Bitcoin has lost 3% in value over the past 24 hours and is trading at $115,000.
• Ethereum is up nearly 1% in the same period to $3,610.

What we’re reading

• Roman Storm worried about Tornado Cash ‘re-centralisation’ in private messages — DL News
• Wait, are we bearish on the ETH ($3,836.49) ETFs? — Milk Road
• Suspect in NYC crypto kidnapping, torture case allegedly involved his assistant: DA — ABC News
• LetsBONK Allocates 1% Revenue to Weekly Buybacks of Top Memecoins — Unchained
• Pump.fun token sheds another 15% as co-founder curbs airdrop hopes — DL News

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.