Bitcoin ETF Prices Hit All-Time Highs While Ethereum ETFs Struggle

Last week showed a divergence in performance for crypto ETFs; Ethereum ETFs recorded a net outflow of $103 million (March 17 – March 21).

Last week saw a divergence in performance for crypto ETFs and a preference for BTC over ETH as evidenced by SoSoValue data for the week (March 17 – March 21).

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Key Takeaways:

Bitcoin ETF prices hit all-time highs.

Ethereum ETFs recorded a net outflow of $103 million.

The biggest weekly net outflow was from BlackRock’s Ethereum ETF (ETHA).

The smallest weekly net outflow was from ETHE, which recorded a slight weekly net inflow of $2.87 million.

However, ETHE’s aggregate outflow remains significantly higher at $4.17 billion.

In the meantime, the net total asset value of all Ethereum spot ETFs stands at 6.77 billion dollars, accounting for 2.84% of the total market capitalization of Ethereum.

The total historical cumulative inflows amount to $2.42 billion.

The past week showed contrasting performance for crypto and equity ETFs. While Bitcoin ETFs experienced a seventh straight week of inflows, Ethereum ETFs saw outflows as investors pulled out of the top product.

Over the same time frame, Bitcoin ETFs saw a total weekly net inflow of $744 million, with seven products reporting inflows. Among them, BlackRock’s IBit (iShares Bitcoin Trust) topped the new money list with $538 million.

As of March 22, Bitcoin ETFs collectively managed assets worth $94.35 billion, representing about 5.65% of Bitcoin’s $1.667 trillion total market cap.

Bank of Montreal’s mBTCx (M3 Series Trust- mBTCx Bitcoin ETF) followed with $140 million, and BMO Factor’s (Toronto) BTCx (BMO Factor Bitcoin ETF) reported net inflows of $55.3 million.

The smallest weekly net inflow went to ETHE (ETH Spot ETF) with $2.87 million, while the biggest weekly net outflow was from ETHA (iShares Ethereum Trust) with net outflows of $74 million.

The performance of Bitcoin ETFs stands in stark contrast to that of Ethereum ETFs.

The numbers paint a picture of changes in investor mood. After a period of pessimism, new investors are said to have purchased more than 172,705 BTC since Feb 23 this year, sparking interest in the crypto.

Even more significant could be potential inflows from sources like US pension funds and Target Date Funds (TDFs). They could provide $103 to $122 billion of liquidity to the US equity market.

If even a small portion (5-10%, or around $1-2 billion) is allocated to Bitcoin and other cryptocurrencies, it could have a significant impact. Although there is a chance that such inflows would eventually find their way into the Ethereum market, they currently appear to be propping up Bitcoin.

The recent activity surrounding Ethereum ETFs, such as the large outflow from BlackRock’s ETHA, raises the question: Are investors losing confidence? Bitcoin has the tailwind of a story of scarcity and digital gold, while Ethereum is sometimes viewed more skeptically due to its transition to Proof-of-Stake and questions of centralization.

The post Bitcoin ETF Prices Hit All-Time Highs While Ethereum ETFs Struggle appeared first on SoCal Tech.

This article was originally published on SoCal Tech and has been republished with permission.

Read More: Key Bitcoin ETF Prices Hit All-Time Highs, While Ethereum ETFs See Outflows - SoCal Tech

The post Bitcoin ETF Prices Hit All-Time Highs While Ethereum ETFs Struggle appeared first on Benzinga.

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