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Cryptocurrency News Articles
Grayscale outflows: ETH-based product looks better, analyst says
Sep 28, 2024 at 07:15 pm
Ethereum (ETH) is outperforming Bitcoin (BTC) in terms of ETF outflows over time based on the first 50 days of observation, researcher Leon Waidmann says.
Cryptocurrency analyst Leon Waidmann, Head of Research at the Onchain Foundation, has been tracking the liquidity dynamics in Bitcoin- and Ethereum-based investment products of Grayscale since the moment of conversion to spot ETFs. Now, he shares a finding that might surprise many.
According to Waidmann's observation over the first 50 days, Ethereum (ETH) is outperforming Bitcoin (BTC) in terms of ETF outflows. He plotted the outflows from Grayscale's Bitcoin Trust (GBTC) and Grayscale's Ethereum Trust (GETH) to visualize the dynamics.
Apparently, the Ethereum-based product is losing liquidity (outflows) slower compared to its BTC-based analog. Hence, Waidmann suggests that if this status quo continues, it bodes well for the second cryptocurrency.
Bitcoin spot ETFs launched in the U.S. on Jan. 11, 2024, while the Ethereum spot ETF went live on July 23. Grayscale, a blue-chip asset manager and operator of the largest OTC-traded crypto-based trusts, converted its corresponding products into ETFs.
As covered by U.Today previously, Ethereum (ETH) has been demonstrating pale performance in pair with Bitcoin (BTC) over the past few years.
On Sept. 15, 2024, the ETH/BTC rates dropped below 0.04 for the first time in three and a half years. Notably, ETH/BTC lost over 55% since the second-largest blockchain activated the Merge upgrade, which replaced the energy-intensive proof of work with proof of stake.
Bitcoin ETFs inflow metrics positive for seven days in a row
In other news, as cryptocurrency markets experience cautious optimism, Bitcoin-based ETFs register positive inflows for seven days running.
According to CoinGlass data, in the last week, spot Bitcoin ETFs in the U.S. have managed to accumulate over $1.35 billion in assets under management (AUM). The last outflow was registered on Sept. 18.
Yesterday's session was the most productive for Bitcoin ETFs since mid-July with almost $0.5 billion added in one day. ARK Investments is credited with over $200 million in this sum.
Meanwhile, Ethereum (ETH) sends mixed signals with five "positive" and two "negative" days in the last week. The net inflow is $93.2 million across all publicly traded ETFs on spot Ether.
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