Record Entry in Ethereum ETFs! Leaving Bitcoin ETFs Behind! Here Are the Numbers

U.S.-traded spot Ethereum exchange-traded funds (ETFs) saw net inflows of over $240.3 million on Wednesday, outpacing the $164.5 million in Bitcoin ETF inflows. This was the 18th consecutive day of positive inflows into spot Ethereum ETFs.

$240 Million Inflow into Spot Ethereum ETFs: Outpacing Bitcoin

BlackRock’s ETHA fund led the way with $163.6 million in inflows on Wednesday, followed by Fidelity’s FBTC fund with $37.28 million, according to data provider SoSoValue. Grayscale’s Mini Ethereum Trust and ETHE funds also saw positive inflows, while Bitwise’s BITW fund also joined the list.

Interest in ETH ETFs Increases on DeFi and Regulation Signals

The U.S. Securities and Exchange Commission’s (SEC) greenlight of potential exemptions for DeFi has driven investor interest in Ethereum, according to Nick Ruck, Director of Research at LVRG. “While Bitcoin is breaking records and altcoins saw all-time highs last year, investors now believe Ethereum is still undervalued,” he said.

SEC Commissioner Paul Atkins, speaking at the agency’s recent Crypto Task Force meeting, emphasized the need to protect personal property in the digital environment and made statements in favor of DeFi. These statements, along with stablecoin regulations and private sector developments, have strengthened interest in Ethereum.

Ethereum Derivatives Trading Surpasses Bitcoin

Ethereum’s derivatives trading volume has surpassed $106 billion, surpassing Bitcoin’s $80.5 billion volume on the same day, according to Coinglass data, reflecting the growing interest of institutional investors in the ETH ecosystem.

The ETH price rose above $2,800 on Wednesday, reaching its highest level since February, but is down 0.34% in the last 24 hours to trade at $2,769.

The Pectra upgrade, which went live earlier in the year, rekindled developer interest by addressing the inherent issues with the Ethereum network, such as scalability and cost efficiency.

*This is not investment advice.