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US Ethereum ETFs Flooded with Cash as ETH Soars 27% in a Week
- US Spot Ethereum ETFs saw a record inflow of US$295.5 million, with BlackRock’s ETHA and Fidelity’s FETH receiving the largest shares.
- Senior Bloomberg ETF analyst Eric Balchunas indicated that Ethereum funds are trending positively, though still trailing far behind Bitcoin ETFs.
- On the same day, Bitcoin ETFs also performed well, with BlackRock’s IBIT capturing three-quarters of the US$1.1 billion total inflow.
US Spot Ethereum exchange-traded funds (ETFs) are starting to wake up. Monday was a record day for the nine Ether-themed funds, with a net inflow of US$295.5 million (AU$452.9 million).
Related: Bernstein Stirs FOMO, Urges Immediate Investment in Bitcoin and Other Cryptos
Data from Farside Investors shows that the largest fund, BlackRock’s ETHA had US$101.1 million (AU$154.9 million) in inflows, while Fidelity’s FETH fared slightly better, with US$115.5 million (AU$177.1 million).
Funds Trending in Right Direction, Says Analyst
Bloomberg’s Senior ETF analyst Eric Balchunas said the funds are travelling in the right direction, although they’re still way behind the US Spot Bitcoin ETFs.
Trending in right direction, $ETHE unlock appears to be over too- no outflows in 6 days. Sunny days ahead, altho still several country miles behind btc ETFs..
Eric Balchunas The Bitcoin funds also saw a strong day on Monday – even though it wasn’t a record breaker – with a total of US$1.1 billion (AU$1.68 billion) in net flows. Notably, BlackRock’s IBIT took in US$765.5 million (AU$1.17 billion) alone, which is three-quarters of the total flows for the BTC funds.
Crypto-related stocks also soared recently, with Balchunas calling the combo (crypto-stocks plus crypto-ETFs) the “Bitcoin Industrial Complex”.
MicroStrategy (MSTR) is up 4.88% on the most recent trading date, currently trading for US$356.59 (AU$546.53) and Coinbase (COIN) is slightly down over the past day but still up by 43.65% over the past five days, currently trading for US$319.13 (AU$488.18).
Crypto ETFs Among Top Performer Across Board
Nate Geraci from the ETF store highlighted that 19 out of the top 50 ETF launches in 2024 are either the Spot Bitcoin or Ether ETFs or otherwise crypto-related. They even made the top 18, with 12 crypto-related ETFs, out of a total of 610 launches this year.
Meanwhile, both BTC and ETH have taken a slight breather, dipping by 1.1% and 2.6% in the past 24 hours. Which shouldn’t come as a surprise, as both (and the larger crypto market) had been rallying after the Trump election win.
Related: Traders Increasingly Short Dogecoin Amid Record High Open Interest
After making several pro-crypto promises, expectations among the crypto community are at a high, while the buzz phrase of the moment is that crypto is in a ‘Golden Age’.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
