Ethereum exchange-traded funds (ETFs) have been quietly gaining momentum. While they initially lagged behind Bitcoin ETFs, they’ve recently seen a massive surge in popularity.
Ethereum ETFs Dominate Inflows
Surprisingly, Ethereum ETFs are now attracting significantly more investment than their Bitcoin counterparts. Data shows that since July, Ethereum ETFs have seen over $8.2 billion in inflows, almost double the $4.8 billion flowing into Bitcoin ETFs during the same period.
This trend is even more striking when looking at August’s numbers. While Bitcoin ETFs experienced net outflows of over $1.2 billion, Ethereum ETFs raked in over $2.8 billion. One day alone saw a massive $337.63 million inflow into Ethereum ETFs.
A Week of Ups and Downs
It’s not all smooth sailing, though. While the overall trend is positive, the past week saw a significant dip for Ethereum ETFs, with nearly $579 million in net outflows – their worst week since launch. This contrasts sharply with the previous week’s record-breaking $2.85 billion inflow.
Ethereum Price Reflects the Hype
The increased interest in Ethereum ETFs is clearly reflected in the price of ETH itself. At the time of writing, ETH is trading around $4,750, a slight dip from its recent all-time high of $4,887. Despite the minor drop, ETH is still up nearly 8% over the past week.