Key Points
- Ethereum ETFs have seen significant outflows, with BlackRock’s ETHA nearing $1 billion in inflows.
- Grayscale’s ETHE and GBTC are experiencing substantial outflows, while BlackRock’s IBIT attracts inflows.
Ethereum (ETH) Exchange-Traded Funds (ETFs) have been underperforming when compared to Bitcoin (BTC) ETFs.
Bitcoin ETFs have consistently recorded substantial inflows, a trend not mirrored by Ethereum ETFs.
BlackRock’s Ethereum ETF Performance
On August 9th, after market closure, Ethereum ETFs recorded net outflows of $89.7 million, as reported by Farside Investors.
Interestingly, while other Ethereum ETFs like Grayscale’s ETHE have been experiencing consistent outflows since their launch, BlackRock’s ETHA is on the verge of a significant milestone.
As of August 9th, ETHA has recorded $901 million in net inflows and is close to reaching the $1 billion mark.
Industry Opinions
Nate Geraci, President of The ETF Store, expressed strong confidence in ETHA, predicting it will hit $1 billion this week.
However, not all industry voices share this optimism, as illustrated by Rug Radio creator, Daito’s comment on institutional investors buying this “sh*tcoin.”
Grayscale’s ETHE and GBTC Performance
Meanwhile, Grayscale’s ETHE is nearing a notable milestone, with outflows projected to hit $2.5 billion.
Grayscale’s Bitcoin ETF (GBTC) is also facing challenges, with a substantial outflow streak, accumulating a total outflow of $19.451 billion since its launch.
In contrast, BlackRock’s Bitcoin ETF (IBIT) has seen a steady inflow streak, totaling $20.317 billion over the same period.
Impact on Ethereum’s Price
At the time of writing, Ethereum was struggling to break past the $3K level, trading at $2,575.71, down by 4.53%.
The Relative Strength Index (RSI) further confirmed the bearish trend as it stood below the neutral 50 level at 36. However, the expanded Bollinger Bands suggest a potential trend reversal might be imminent.
