Over the past six trading days, US investors have been pouring more money into spot Ether exchange-traded funds (ETFs) than their Bitcoin counterparts, which is a surprising development that is sure to raise eyebrows among Bitcoin enthusiasts. This week saw a sharp increase in Ethereum's institutional popularity, indicating that major players are clearly placing bets on the cryptocurrency.
Spot Bitcoin ETFs only brought in $827 million during the same time period, while Ether ETFs saw a staggering $2.4 billion in net inflows. The fun didn't end there: for the past week, Ether ETFs have surpassed Bitcoin ETFs every single day.
Fidelity's FETH and BlackRock's ETHA Take the Lead
With a huge net inflow of $1.79 billion, or nearly 75% of all ETH ETF inflows, BlackRock's iShares Ethereum ETF (ETHA) led the charge. The fund is exploding, breaking records in just 251 trading days and reaching $10 billion in assets under management more quickly than most.
In the meantime, Thursday was the best day yet for Fidelity's Ethereum Fund (FETH), which brought in $210 million, breaking its previous record by 4%. The momentum of ETH doesn't seem to be slowing down.
Interest from institutions is growing. The largest corporate Ethereum holder is BitMine Immersion Technologies, which recently dropped a cool $2 billion on ETH in the last 16 days. The pressure is still present because businesses currently own 2.31 million ETH, or roughly 1.91% of the total amount in circulation.
Even Michael Novogratz of Galaxy Digital is growing optimistic, saying Ethereum will surpass Bitcoin in the next six months and that it may reach $4,000. Additionally, a supply shock might be on the horizon due to the increased size of ETH purchases from businesses like BitMine and SharpLink Gaming.
Bitcoin ETFs, however, have had better times. Monday saw the first outflow in a long time, with a net $131 million leaving Bitcoin ETFs, following a 12-day run of inflows. Before Monday, inflows totaling $6.6 billion might indicate that Ethereum is prepared to overtake its market leader.
Anastasiia G
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