US Spot Ethereum ETFs Experience $243.9 Million Outflow as Investor Interest Shifts

Summary: Recent reports indicate a significant outflow of $243.9 million from US spot Ethereum ETFs, demonstrating a shift in investor focus as they await new market triggers. In contrast, spot Bitcoin ETFs have seen substantial inflows, indicating a resurgence in institutional interest towards Bitcoin.

Key Takeaways

Total investment in Ether spot ETFs has reached $14.35 billion.
BlackRock’s ETHA ETF experienced the largest outflows of $100.99 million.
In contrast, Bitcoin spot ETFs reported net inflows of $446 million.
Institutional interest in Bitcoin remains high as investors anticipate market catalysts.
On-chain activity for Ethereum shows signs of decreasing.

The latest figures reveal that a total of $14.35 billion is currently invested in all Ethereum spot ETFs, resulting in total net assets of approximately $26.39 billion. This represents about 5.55% of Ethereum’s overall market capitalization. Additionally, there were withdrawals amounting to $93.6 million last Friday. While Grayscale’s ETHE and Bitwise’s ETHW saw minor inflows, BlackRock’s ETHA ETF faced the most significant outflow at $100.99 million.

Institutional Investors Await Key Market Drivers

According to statistics from SoSoValue, spot Bitcoin ETFs experienced a notable increase in activity this week, with net inflows reaching $446 million as institutional investors returned to the market. Furthermore, an additional $90.6 million was contributed on Friday, bringing the total net assets of these products to $149.96 billion, or 6.78% of Bitcoin’s market value. Aggregate inflows have now reached $61.98 billion.

The iShares Bitcoin Trust (IBIT) from BlackRock received $32.68 million, while Fidelity’s FBTC gained $57.92 million. These two funds are leading the market with assets totaling $89.17 billion and $22.84 billion, respectively. Analysts expect that as more investors gravitate towards the “digital gold” narrative, ETF flows will continue to show a marked preference for Bitcoin.

The current market sentiment promotes assets perceived as resilient amid global uncertainties, along with expectations of forthcoming interest rate cuts, all of which bolster renewed confidence in Bitcoin. This surge in institutional interest contrasts with cooling demand for Ethereum, as indicated by ongoing ETF outflows and a decline in on-chain activity.

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