Ethereum [ETH] exchange-traded funds (ETFs) experienced relatively muted activity on May 1st, registering a total net inflow of $6.5 million, according to data released by Farside Investors. This figure stands in stark contrast to the robust investor interest witnessed in spot Bitcoin [BTC] ETFs on the same day, which collectively attracted a substantial $422.5 million in inflows.
Fidelity Leads Ethereum ETF Gains While Bitcoin Dominates
A closer look at the Ethereum ETF landscape reveals that Fidelity’s Ethereum Fund (FETH) was the sole driver of the positive inflow, securing $6.5 million in fresh capital. Conversely, Grayscale’s Ethereum Trust (ETHE) saw $12 million in outflows. Interestingly, this outflow was offset by an equal $12 million inflow into Grayscale’s newly launched spot Ethereum ETF (ETH).
Other Ethereum ETFs reported no fund movements for the day, indicating a generally stagnant market compared to their Bitcoin counterparts. BlackRock’s IBIT spearheaded the Bitcoin ETF surge, attracting a remarkable $351.4 million. Grayscale’s new Bitcoin ETF followed with $41.9 million, with other significant inflows reported by Bitwise, Fidelity, and VanEck. Even Grayscale’s legacy GBTC saw a surprising $16 million inflow.
Also Read: Ethereum Forms Bullish Hammer After 5-Month Downtrend: Is a Rebound Near?
Technical Indicators Suggest Bullish Momentum for Both Assets
The ETF activity coincided with modest price gains for both leading cryptocurrencies. Bitcoin traded at $96,850.00, marking a 0.72% increase over the previous 24 hours, while Ethereum rose by 0.18% to trade at $1,834.35. Technical indicators further support this upward trend, with the Relative Strength Index (RSI) for both Bitcoin and Ethereum hovering around the 57 mark.
This positioning typically signals increasing buying pressure and suggests growing investor confidence in the short-term price trajectory of both digital assets. Recent data from SoSoValue indicates a more significant surge in demand for Ethereum spot ETFs in the past 24 hours, with net inflows reaching $104 million, pushing the total net asset value to $6.14 billion. If this momentum persists, the coins could potentially retest the $2,000 level. However, analysts caution that strategic profit-taking could trigger a downward correction towards the $1,730 support range.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
