Ethereum (ETH) exchange traded funds (ETFs) in the U.S. experienced a surge in daily inflows on Friday, indicating a growing interest in the second-largest cryptocurrency as a potential catch-up trade following a period of underperformance compared to Bitcoin (BTC) this year.
According to data compiled by Farside Investors, spot Ethereum ETFs saw a record $332.9 million in net inflows during Friday’s trading session. Leading the pack were BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH), which attracted $250 million and $79 million in fresh funds, respectively.
This marked the fifth consecutive session of net inflows for Ethereum ETFs, culminating in a total of $455 million in net inflows for the week, as reported by SoSoValue data. The positive trend was particularly notable considering that the week was shorter due to the Thanksgiving holiday.
Interestingly, Ethereum ETFs outpaced Bitcoin ETFs in terms of inflows, with Bitcoin ETFs only gathering $320 million in inflows on Friday and experiencing net outflows throughout the week.
The resurgence of Ethereum can be attributed to a variety of factors, including the recent U.S. election results and the renewed interest in alternative coins and decentralized finance (DeFi) applications. As a result, open interest for Ethereum futures on the Chicago Mercantile Exchange (CME) reached an all-time high of nearly $3 billion, according to CoinGlass data, indicating a significant shift in sentiment towards the asset.
Crypto trader Edward Morra described Ethereum as “the most obvious catch-up trade of this cycle,” highlighting the potential for Ethereum to outperform Bitcoin in the near future. Despite Bitcoin consolidating below $100,000, Ethereum showed relative strength by reaching a five-month high above $3,700 on Saturday. Ethereum also outperformed Bitcoin on both a weekly and monthly basis, although it still lags behind on a year-on-year basis.
Market strategist Joel Kruger noted that the ETH-BTC ratio may be forming a major bottom after a three-year downtrend. He also pointed to the improved outlook for the DeFi space and a more favorable regulatory environment as key drivers behind the positive sentiment towards Ethereum.
Overall, the record inflows into Ethereum ETFs and the growing interest in the cryptocurrency suggest that Ethereum is well-positioned to continue its upward trajectory in the coming months. With increasing institutional interest and a bullish market sentiment, Ethereum could be on track to outperform Bitcoin and solidify its position as a leading cryptocurrency in the market. The Impact of Social Media on Mental Health
In recent years, social media has become an integral part of our daily lives. From connecting with friends and family to staying updated on current events, social media platforms like Facebook, Instagram, and Twitter have revolutionized the way we communicate and interact with others. However, along with the many benefits of social media, there are also negative aspects that can have a significant impact on our mental health.
One of the most concerning issues surrounding social media is its potential to exacerbate feelings of anxiety, depression, and loneliness. Studies have shown that excessive use of social media can lead to feelings of inadequacy and low self-esteem, as individuals compare their lives to the carefully curated images and posts of others. This constant exposure to idealized versions of reality can create unrealistic expectations and a sense of FOMO (fear of missing out) that can be damaging to our mental well-being.
Additionally, the constant barrage of information and notifications on social media can be overwhelming and contribute to feelings of stress and anxiety. The pressure to maintain a certain online presence and constantly be connected can lead to burnout and a sense of being constantly “on” that can be detrimental to our mental health.
Another concerning aspect of social media is its potential for cyberbullying and harassment. The anonymity of the internet can embolden individuals to say hurtful and harmful things to others, leading to feelings of shame, embarrassment, and isolation. Cyberbullying can have serious consequences for mental health, leading to increased rates of anxiety, depression, and even suicidal ideation in some cases.
Despite these negative impacts, there are ways to mitigate the effects of social media on our mental health. Setting boundaries around social media use, such as limiting screen time and taking regular breaks, can help prevent feelings of overwhelm and burnout. Engaging in activities that promote mindfulness and self-care, such as meditation, exercise, and spending time in nature, can also help counteract the negative effects of social media on mental health.
Moreover, cultivating a healthy relationship with social media by curating our feeds to include positive and uplifting content, and unfollowing accounts that trigger negative emotions, can help create a more positive online experience. It’s important to remember that social media is just a tool, and how we choose to use it can have a significant impact on our mental health.
In conclusion, while social media has the potential to enhance our lives in many ways, it’s important to be mindful of its impact on our mental health. By setting boundaries, practicing self-care, and cultivating a positive online experience, we can harness the benefits of social media while protecting our mental well-being.