Spot Ethereum ETFs in the U.S. have shown resilience after weeks of consistent outflows. On Wednesday, these funds recorded a total net inflow of
$5.8 million, marking their first positive day after nine consecutive trading days of outflows. This uptick comes as a surprise, especially as Bitcoin spot ETFs are facing significant outflows.
Comparing Ethereum and Bitcoin ETFs
While Ethereum ETFs have struggled since their launch, experiencing 17 days of outflows in their first three weeks, Bitcoin ETFs saw only six red days during the same period. On Wednesday alone, Bitcoin ETFs witnessed a massive net outflow of
$105 million, with major funds like Grayscale's GBTC and ARK Invest's ARKB bearing the brunt.
Breakdown of Ethereum ETF Performance
Leading the charge for Ethereum ETFs was
BlackRock's ETHA, which saw an inflow of
$8.4 million. Fidelity's FETH also performed well, attracting
$1.3 million. However, not all funds shared in the success; Grayscale's ETHE continued to struggle with an outflow of
$3.8 million.
Analysts Weigh In on Market Sentiment
Industry analysts suggest that the timing of these ETF launches plays a crucial role in their performance. Ethereum ETFs debuted during the typically slower summer months, which may have dampened initial investor enthusiasm. Despite the challenges, the recent inflow indicates a potential shift in investor sentiment towards Ethereum.
According to Matteo Greco, Research Analyst at Fineqia International, the stark contrast between Bitcoin and Ethereum ETFs is notable. Last week, Bitcoin ETFs recorded
$500 million in net inflows, driven by a
9.9% rise in BTC's price. Greco emphasized that trading activity for Bitcoin ETFs remains robust, with volumes not seen since April, whereas Ethereum ETFs have faced a more challenging environment.
Read more at Decrypt.
