Ethereum ETFs recorded a daily inflow of US$33.7 million, overtaking Bitcoin ETFs which saw US$18.3 million outflows.Analyst Foresees a Bitcoin All-Time High is Coming Soon
BlackRock’s ETHA fund outperformed its Bitcoin counterpart, indicating strong investor interest in Ethereum.
Despite the positive fund flow, Ethereum’s price dropped by 3% on its ninth anniversary.
Data from Farside shows that we may be at a turning point for the Ethereum exchange-traded funds (ETFs).
You can read more Crypto articles
The Ether funds have just managed to overtake the Bitcoin funds in total daily flows. While BTC funds saw combined outflows on 30 July of US$18.3 million (AU$28m), the Ethereum funds managed inflows of US$33.7 million (AU$51.57m).
Data for the most recent trading day is incomplete as BlackRock’s numbers are missing but indicate we could see a continuation of the trend.
Interesting to note is also that BlackRock’s ETHA fund took in more funds than its Bitcoin fund IBIT. While IBIT saw US$74.9 million (AU$114.63m) in new funds coming in, ETHA had US$118 million (AU$180.59) inflows in the same time period.
Meanwhile, ETH has had a hard time finding traction with the price per coin dropping 3% on the daily timeframe.
At the time of writing, one ETH is changing hands for US$3,193 (AU$4,885) as data from CoinMarketCap shows. Notably, yesterday marked Ethereum’s ninth birthday, which the co-founder and the team shared on social platform X (formerly Twitter).
Expert Positive About Future ETF Flows
Jan Altmann, a financial expert at the ETC Group, has a positive outlook regarding the potential market impact of the newly introduced Ethereum spot ETFs. His optimism is based on the anticipated net inflows these ETFs are expected to attract. Analyst Foresees a Bitcoin All-Time High is Coming Soon
Drawing a parallel from the past, Altmann expects these Ethereum ETFs to receive about 10 to 15 percent of the net inflows that followed the launch of Bitcoin spot ETFs. This projection translates to approximately US$1.6 billion (AU$2.44bn) entering the market through these ETFs within their first three months.
Follow HiTrend on X
