- The Ethereum ETF recorded inflows of $84.6 million, but still lags far behind the Bitcoin ETF inflows.
- Despite the price decline, Ethereum remained above its 50-day moving average, indicating near-term bullish momentum.
Recent data shows that the Ethereum (ETH) ETF has experienced its largest inflows in over a month.
Nonetheless, ETH ETF inflows still lag significantly behind Bitcoin (BTC), reflecting a stronger preference for the Bitcoin ETF.
First weekly influx since August
The Ethereum ETF saw inflows of more than $84.6 million last week, with positive inflows on three of five trading days, according to data from SosoValue.
This is the highest weekly inflow since August 9. However, despite this growth, Ethereum ETF trading volume remains significantly lower than Bitcoin ETF performance.
Source: SoSoValue
By comparison, the Bitcoin ETF saw inflows of a whopping $1.11 billion during the same week, with inflows occurring every day.
This was the largest weekly inflow of Bitcoin since July 19th.
Ethereum ETF still lags Bitcoin.
The Ethereum ETF began trading in the United States on July 23, about six months after the Bitcoin ETF.
In the five weeks since the Ethereum ETF was launched, the fund has recorded net outflows of approximately $500 million, while the Bitcoin ETF has recorded net inflows of more than $5 billion.
Bitcoin’s first-mover advantage is one of the reasons for this gap.
While the excitement surrounding Bitcoin’s ETF launch has resulted in significant inflows, ETH’s ETF launch, while promising, has become less buzzy over time.
The difference in value between the two assets also plays an important role. Bitcoin accounts for more than 50% of the cryptocurrency market capitalization, while Ethereum holds about 14%.
ETH price falls at the end of September
Over the past few days, the price of Ethereum has fallen below the $2,600 level.
At the time of writing, Ethereum was trading at around $2,597, down more than 2%. Despite the decline, ETH remains above its 50-day moving average, indicating a near-term bullish trend.
Source: TradingView
The relative strength index (RSI) is around 53, reinforcing the bullish outlook suggested by the moving averages.
Realistic or not, here is the ETH market cap in BTC terms:
The Ethereum ETF has seen notable inflows after a sluggish period, but it lags far behind the Bitcoin ETF in terms of trading volume and investor interest.
Factors such as Bitcoin’s first-mover advantage and market power play a significant role in this trend. Despite the recent price decline, Ethereum remains strong and is outperforming key technical indicators.