Ethereum ETFs Surge: 5x Inflows While Bitcoin Slows

Recent data reveals a significant surge in weekly inflows for Ethereum spot exchange-traded funds (ETFs), reaching five times the recent average. This contrasts sharply with Bitcoin's comparatively sluggish momentum. Glassnode, an analytics firm, reported that US-based Ethereum spot ETFs have seen inflows of 154,000 ETH this week alone. This represents a substantial increase, exceeding even the highest single-day inflow of 77,000 ETH recorded earlier in June. The growth underscores the increasing appeal of Ethereum among traditional investors who prefer the familiarity and accessibility of ETFs over directly engaging with cryptocurrency exchanges and wallets. The availability of spot ETFs for cryptocurrencies is a relatively new development, with Bitcoin gaining SEC approval in early 2024 and Ethereum following in mid-2024. In contrast to Ethereum's robust inflows, Bitcoin's performance has been more subdued. While Bitcoin US spot ETFs also witnessed positive netflows this week, the volume was significantly lower, approximately 7,800 BTC – a figure below previous highs and even lower than a single day's peak in May. Last week saw outright negative netflows for Bitcoin ETFs, indicating a recent slowdown in momentum. Despite the strong inflow into Ethereum ETFs, its price has underperformed Bitcoin in the last day, dropping 7% compared to Bitcoin's 2% loss, settling at approximately $2,540. This discrepancy highlights the complex interplay between ETF performance and the underlying cryptocurrency's price.

(Source: https://www.newsbtc.com/news/ethereum/ethereum-etf-frenzy-inflows-jump-5x-bitcoin-stalls/)