According to data, the Ethereum Spot Exchange-Traded Funds (ETF) is on a winning streak that has defeated Bitcoin funds for a week.
Ethereum surpasses Bitcoin with Spot ETF Netflows
In a new post from X, Institutional Defi Solutions Provider Sentora (formerly IntotheBlock) spoke about the latest trends in Ethereum Spot ETF Netflow. Spot ETFs are investment vehicles that allow investors to be exposed to underlying assets such as ETH without directly owning them.
ETFs are traded on traditional platforms, so investors unfamiliar with digital assets wallets and exchanges can choose to invest in cryptocurrency through them.
This path to digital assets is relatively new, with BTC only getting approval from the US Securities and Exchange Commission (SEC) in early 2024 and Spot ETF from ETH in mid-2024.
In general, bitcoin spot ETFs tend to outperform Ethereum in terms of capital flow. Because Bitcoin is a bigger asset with more interest behind it. But recently things have been different. As Sentra explains,
Interestingly, ETH ETFs are currently outperforming BTC ETFs for seven consecutive days. A trend that could reinforce increased investor turnover and relative feelings towards ETH.
That said, ETH is doing better than BTC during this period, but that doesn’t mean that coins are enjoying only inflows. As Sosovalue data shows, the coin ETF was quickly facing a leak.
How the ETH spot ETF netflow has changed over the past few months | Source: Sentora on X
But even during the leak, Ethereum’s spot ETF was better than Bitcoin, as it was bleeding better than Bitcoin. Over the past few days, Netflow has been positive for its assets, with a net inflow of $455 million on Tuesday.
Before the recent negative trend, ETH Spot ETF has been running online every week since May, as evidenced by charts shared by on-chain analytics company GlassNode.
The trend in the weekly netflow for the US ETH spot ETFs | Source: Glassnode on X
The week of the winning streak saw net spills of around 105,000 ETH ($486 million). It is still unclear whether the end of this week will bring back greenery to this graph.
Speaking of weekly numbers, as Sentora pointed out in another X post, another indicator that ETH’s recent decline is an active address.
The value of the metric appears to have been going down since the earlier high | Source: Sentora on X
As shown in the chart above, Ethereum saw the addresses of around 3.8 million people participating in transaction activity on the blockchain last week. This is down compared to its peak in early August, but still rises high when lined up in past bull markets.
ETH Price
At the time of writing, Ethereum has traded around $4,600, up over 7% last week.
Looks like the price of the coin has bounced off its low | Source: ETHUSDT on TradingView
Featured images from Dall-E, Glassnode.com, sosovalue.com, defilama.com, and charts from cordingview.com
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