Ethereum spot ETFs have reached a new milestone with a daily inflow of $332.92 million, surpassing Bitcoin spot ETFs. This achievement comes as Ethereum (ETH) experienced a price surge of over 3% in the last 24 hours, while Bitcoin showed minimal movement during the same period.
The data from SoSoValue highlights the significant increase in interest and investment in Ethereum ETFs. These ETFs allow investors to gain exposure to Ethereum’s price without directly holding the cryptocurrency. The first spot Ethereum ETFs in the U.S. were launched on July 23 and have since gained popularity among investors.
Among the top performers in the Ethereum ETF space is BlackRock’s iShares Ethereum Trust ETF, which saw a daily net inflow of $250.39 million. The fund has a cumulative net inflow of $2.1 billion and net assets of $2.5 billion. Additionally, Grayscale Ethereum Mini Trust and Fidelity Ethereum Fund also saw substantial daily inflows, contributing to their overall performance in the market.
While Ethereum ETFs have shown strong growth, Bitcoin spot ETFs continue to maintain a solid presence in the market. BlackRock’s iShares Bitcoin Trust ETF recorded a daily net inflow of $137.49 million, with a cumulative net inflow of $31.74 billion. Fidelity Wise Origin Bitcoin Fund and Bitwise Bitcoin ETF also saw significant daily inflows, showcasing continued investor interest in Bitcoin ETFs.
It is important to note that the total value traded for Ethereum ETFs reached $313.61 million, while Bitcoin ETFs recorded a higher volume of $2.51 billion. The cumulative total net inflow for Ethereum ETFs stands at $573.32 million, compared to $30.70 billion for Bitcoin ETFs, indicating the overall market dominance of Bitcoin in the ETF space.
In terms of regulatory approvals, the first spot Bitcoin ETF was launched in Canada by Purpose Investments in February 2021. However, the SEC in the U.S. has not yet approved a spot Bitcoin ETF as of November 2024. The U.S. market currently only offers futures-based Bitcoin ETFs, with the ProShares Bitcoin Strategy ETF (BITO) being the first to launch in October 2021.
Overall, the rise of Ethereum spot ETFs and their daily net inflows exceeding those of Bitcoin spot ETFs mark a significant development in the cryptocurrency market. As investors continue to show interest in both Ethereum and Bitcoin ETFs, the competition and growth in this space are expected to intensify in the coming months.
