Ethereum outpaces Bitcoin: ETF inflows tenfold higher
- While Ethereum treasury firms and their advocates like Tom Lee are currently dominating the headlines, there is also continued strong investment in ETH via US spot ETFs.
- In the five trading days from August 21 to 27 alone, Ethereum spot ETFs recorded a whopping $1.83 billion in inflows. Bitcoin funds received only a tenth of that, at $171 million, during the same period.
- On Wednesday, total inflows for the nine ETH funds amounted to $310.3 million, with BlackRock's iShares Ethereum Trust (ETHA) recording the lion's share of inflows at $265.7 million on Wednesday.
- Meanwhile, Bitcoin products raised only $81.1 million on the same day, of which BlackRock's iShares Bitcoin Trust (IBIT) accounted for 62 percent at $50.7 million.
- Wednesday was the fifth consecutive trading day on which inflows into Ethereum ETFs exceeded those of Bitcoin ETFs.
- However, yesterday, Thursday, the trend reversed: While spot ETH ETFs raised only $39.1 million, IBIT and Co. recorded $178.9 million in inflows.
- Given the current weakness in the crypto market, the winds could be turning in favor of “digital gold.” JPMorgan also believes Bitcoin is currently undervalued. Given the sharp decline in volatility and the comparison to gold, the US banking giant has announced a new bullish price target.
- Solana is the only cryptocurrency that can withstand the current negative price trend. This is primarily due to speculation about billion-dollar SOL Treasuries. The two vehicles of Multicoin Capital, Galaxy Digital, and Pantera Capital alone could inject $2.25 billion into SOL.
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- Ethereum ETF Flows | Coinglass