Key Points
Samson Mow, the CEO of Bitcoin adoption company Jan3, has expressed skepticism about the upcoming decision of the US Securities and Exchange Commission (SEC) on spot Ethereum ETFs.
Compared to Bitcoin ETFs, Mow sees less potential in Ethereum-based ETFs.
Mow’s Perspective on Ethereum ETFs
Mow suggests that this might be the last chance for Ethereum holders to sell their holdings at a favorable price compared to Bitcoin.
He cites the absence of staking rewards and the lower demand for Ethereum in various markets as reasons for his stance.
He believes that Ethereum ETFs will “massively underperform” compared to Bitcoin ETFs.
Most of Mow’s followers agreed with his sentiments.
They believe that Ethereum ETFs might become the “biggest sell the news event this year”.
However, some speculate that these ETFs could divert funds from Bitcoin ETFs.
Mow dismisses this theory by pointing to the lack of significant Ethereum accumulation by major institutional investors like MicroStrategy.
Despite the skepticism, Ethereum’s market performance has been strong so far.
It has seen a nearly 30% increase over the past week and a 2.9% rise in the last 24 hours, bringing its price to $3,792.
On the other end of the crypto ETF spectrum, Bitcoin spot ETFs have seen significant inflows, indicating strong investor interest.
Data from SoSoValue shows a net inflow of $154 million on May 22, marking the eighth consecutive net inflow.
Among various Bitcoin spot ETFs, BlackRock’s IBIT saw the highest net inflow for the day at $91.95 million, bringing its total to $16.08 billion.
Meanwhile, Grayscale’s GBTC experienced a net outflow of $16.09 million, contributing to its total historical net outflow of $17.63 billion.
This indicates divergent investor sentiment within the sector.
Bitcoin spot ETFs’ total net asset value has reached $59.20 billion, with a net asset ratio of 4.33%.
The cumulative net inflow now stands at $13.33 billion, reflecting the growing confidence and sustained interest in Bitcoin through these investment vehicles.
