ETH-ETF inflows surpass BTC-ETF inflows over the past week
From August 21 to 27, Ethereum funds attracted $1.83 billion, significantly surpassing Bitcoin ETFs, which saw inflows of just $171 million.
According to SoSoValue, on August 27 alone, ETH-ETF inflows totaled $307.2 million, while BTC-ETF inflows amounted to only $81.3 million.
As of August, net inflows into exchange-traded funds based on the leading altcoin reached about $3.7 billion. By comparison, during the same period, Bitcoin funds received only $803.4 million from investors.
The scale of capital inflows into ETH funds looks even more impressive. Despite Ethereum’s smaller market capitalization compared to Bitcoin, over the past five trading days, ETH-ETFs attracted 10 times more capital.
The recent hype around Ethereum funds stands in stark contrast to the low popularity of ETFs earlier this year, when BTC-ETFs were in especially high demand.
The strong inflows into Ethereum funds were accompanied by steady price growth. Over the past month, the altcoin price rose significantly, recently reaching a new all-time high of $4,950. At the time of writing, the asset had corrected and was trading at $4,600, about 7.3% higher than last week.
Bitcoin was trading slightly above $113,000. This week, the flagship cryptocurrency dropped to around $109,000 and is currently down about 5% for the month.
See also: "Researchers note steady decline in ETH reserves on Binance"
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