The latest data reveals that Ethereum [ETH] Exchange-Traded Funds (ETFs) received their highest inflow in more than a month.
However, despite this surge, the inflows into ETH ETFs still significantly trail those of Bitcoin [BTC], indicating a stronger preference for Bitcoin ETFs among investors.
Initial Weekly Inflow in Months
Information from SosoValue indicates that Ethereum ETFs saw inflows of over $84.6 million last week, with positive inflows recorded on three out of five trading days.
This signifies the highest weekly inflow since the 9th of August. Yet, even with this growth, Ethereum ETF volumes remain well below those of Bitcoin ETFs.
In contrast, Bitcoin ETFs attracted a substantial $1.11 billion in inflows during the same week, receiving inflows every day.
This marked Bitcoin’s largest weekly inflow since the 19th of July.
Ethereum ETF Still Trailing Bitcoin
Ethereum ETFs commenced trading in the U.S. on the 23rd of July, around six months after Bitcoin ETFs.
In the five weeks following the launch of Ethereum ETFs, the funds experienced net outflows of roughly $500 million, while Bitcoin ETFs garnered net inflows exceeding $5 billion.
The disparity is partly due to Bitcoin’s first-mover advantage. The excitement surrounding the launch of Bitcoin’s ETF led to substantial inflows, while Ethereum’s ETF launch, though promising, garnered less attention over time.
Moreover, the asset value discrepancy between the two also plays a role—Bitcoin commands over 50% of the cryptocurrency market cap, while Ethereum accounts for about 14%.
ETH Price Decline as September Concludes
In recent days, Ethereum’s price has dropped, slipping below the $2,600 mark.
At the current moment, Ethereum is being traded at approximately $2,597, marking a decline of over 2%. Despite the drop, ETH remains above its 50-day moving average, indicating a short-term bullish trend.
The Relative Strength Index (RSI) stands at about 53, supporting the bullish sentiment indicated by the moving average.
Although the Ethereum ETF has observed a noteworthy inflow after a sluggish period, it still lags significantly behind Bitcoin ETFs in both volume and investor interest.
Factors such as Bitcoin’s early market entry and dominance contribute to this trend. Despite recent price setbacks, Ethereum maintains a bullish stance, holding above crucial technical indicators.