In the past four weeks, spot Ethereum ETFs have attracted over $2 billion in new investments, excluding a major $2.5 billion outflow from Grayscale’s ETHE, as reported by Farside Investors.
Nate Geraci, CEO of ETF Store, remarked that if all Ethereum ETF inflows were consolidated into a single fund, it would rank as the fourth-largest ETF debut ever. Currently, only Bitcoin ETFs—BlackRock’s IBIT, Fidelity’s FBTC, and ARK 21Shares’ ARKB—exceed this total.
Bloomberg’s Eric Balchunas highlighted that, globally, ETF investments have reached $911 billion for the year, with US-based spot crypto ETFs contributing $17 billion, or about 2% of the total. IBIT is now the third-largest ETF by inflows, approaching $20.5 billion, while FBTC has nearly $10 billion.
Despite hitting the $2 billion mark, Ethereum ETFs are not performing as well as their Bitcoin counterparts. Bitfinex analysts link this to Ethereum’s recent downturn, which saw its value fall by 40% in the last month.
The broader economic climate has also impacted the market. Recent interest rate hikes in Japan have cooled investor enthusiasm, and a significant sell-off in the crypto market earlier this year led to notable losses.
Aurelie Barthere of Nansen noted that a subsequent sell-off from July to August further pressured Ethereum due to its increasing correlation with traditional equities, amid slowing US economic growth and high valuations in other risk assets.
An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.