Ethereum ETFs Overtake Bitcoin ETFs as Institutional Investors Shift Focus
- PHPzOriginal
- 2024-08-09 03:27:081043browse
Recent data from an analyst has revealed an unprecedented turn of events with a notable shift in institutional investor behavior.
Recent data from an analyst has shown an interesting shift in the cryptocurrency market. While Bitcoin ETFs have been getting a lot of attention, ETHEs have attracted substantial inflows, whereas Bitcoin ETFs have experienced outflows.
Despite a rocky start, ETHEs have shown impressive growth. Analysts had earlier predicted that ETHEs would outshine their Bitcoin counterparts, and this now seems to be coming true.
Bitcoin and Ethereum ETFs both saw net inflows on August 1 for the first time since the launch of spot Ethereum ETFs, as earlier reported on CNF. While Bitcoin ETFs attracted $50.6 million, led by Grayscale’s new Bitcoin Mini Trust, Ethereum ETFs gained $26.7 million, with BlackRock’s iShares Ethereum Trust leading the inflows.
However, Grayscale’s Ethereum Trust continues to see large outflows, totaling over $2 billion since its conversion to a spot ETF, as earlier reported on CNF.
This trend continued, with data from Farside showing that Ethereum ETFs kept up the inflows while their Bitcoin counterparts experienced the reverse.
At the time of writing, Ethereum is trading at $2,488.51, showing a 21.00% decrease in the last 24 hours.
Ethereum ETFs are outpacing Bitcoin ETFs
Financial Giant Blackrock iShares Ethereum Trust (ETHA) has been at the forefront of the success of the Ethereum ETF. The ETF has gathered nearly $870 million in assets since its launch, further solidifying the crypto as the front-runner.
ETHEs have shown great resilience, with August 5 being a key point of reference. The ETHEs continued to see substantial inflows during the recent market downturn, with inflows of $50 million on August 5, followed by an additional $109 million the next day.
On August 6, all ETHEs collectively saw inflows exceeding $98 million, with ETHA leading the pack at $109 million, according to data from Farside. Additionally, Fidelity’s FETH attracted $22.5 million in new investments, while Grayscale’s ETHE faced outflows of $39.7 million.
On the other hand, Bitcoin ETFs have been experiencing outflows. Data from Farside shows that on August 6, spot Bitcoin ETFs recorded outflows totaling $148 million. Interestingly, BlackRock’s spot Bitcoin ETF, IBIT, did not attract any inflows during this period. Instead, Fidelity’s spot Bitcoin ETF, FBTC, saw outflows of $64 million, while Grayscale’s GBTC also experienced outflows, amounting to $32 million.
Despite ETHEs garnering more institutional investor interest than Bitcoin ETFs, Bitcoin has personally been the apex predator. Even though both prices have fallen, Bitcoin has outperformed Ethereum in terms of price.
At the time of writing, Bitcoin is trading at $58,423.67, showing a 8.15% decrease in the last 24 hours.
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