|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Ethereum [ETH] ETFs See Largest Inflow in Over a Month, But Still Lag Behind Bitcoin [BTC]
Oct 01, 2024 at 07:00 am
The Ethereum [ETH] ETFs have experienced their largest inflow in over a month, according to recent data. Despite this, ETH ETF inflows still significantly lag behind those of Bitcoin[BTC], reflecting a stronger preference for Bitcoin ETFs.
The recent data reveals that Ethereum [ETH] ETFs have experienced their largest inflow in over a month. However, these inflows still fall significantly short of those seen in Bitcoin [BTC] ETFs, indicating a stronger preference among investors for Bitcoin ETFs.
First weekly inflow since August
According to data from SosoValue, the Ethereum ETFs saw over $84.6 million in inflows last week, with three out of five trading days recording positive inflows.
This marks the highest weekly inflow since August 9. In contrast, Bitcoin ETFs recorded a massive $1.11 billion in inflows during the same week, with inflows occurring each day.
This was the largest weekly inflow for Bitcoin since July 19.
Ethereum ETF still lags behind Bitcoin ETF
The Ethereum ETFs started trading in the U.S. on July 23, about six months after the launch of Bitcoin ETFs.
In the five weeks following the launch of Ethereum ETFs, the funds saw net outflows of around $500 million, while Bitcoin ETFs recorded net inflows of over $5 billion.
Bitcoin’s first-mover advantage is a factor in this disparity.
The excitement surrounding Bitcoin’s ETF launch drove substantial inflows, while ETH’s ETF launch, though promising, has seen less sustained buzz.
Additionally, the value difference between the two assets comes into play — Bitcoin holds over 50% of the crypto market cap, while Ethereum holds about 14%.
ETH price drops as September ends
Over the past few days, Ethereum’s price has seen a decline, falling below the $2,600 level.
At press time, Ethereum was trading at around $2,597, down over 2%. Despite the decrease, ETH remains above its 50-day moving average, indicating a short-term bullish trend.
The Relative Strength Index (RSI) was around 53, further reinforcing the bullish outlook suggested by the moving average.Realistic or not, here’s ETH market cap in BTC’s terms
While The Ethereum ETF saw a notable inflow after a period of slow activity, it still lags far behind Bitcoin ETFs in terms of volume and investor interest.
Factors like Bitcoin’s first-mover advantage and market dominance play a crucial role in this trend. Despite recent price declines, Ethereum maintains a bullish position, trading above key technical indicators.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- BlockDAG Testnet Ignites Massive Surge – Why Experts Are Ditching Celestia & Notcoin for This Rising Star in October 2024
- Oct 01, 2024 at 10:15 am
- In the world of business, “timing is everything,” and BlockDAG is proving this true with its Testnet launch. With features like real-time transaction tracking and a Blockchain Explorer, BlockDAG is positioning itself to lead the next wave of blockchain innovation.