Spot Ether exchange-traded funds are experiencing a surge in demand in the US, with inflows exceeding tenfold compared to their spot Bitcoin counterparts over the last five trading days.
Since August 21, spot Ether ETFs have garnered an impressive $1.83 billion in inflows, while Bitcoin funds attracted only a fraction, totaling $171 million, according to CoinGlass.
The trend continued on the latest trading day Wednesday, with nine Ether (ETH) funds achieving inflows of $310.3 million, contrasting with the 11 spot Bitcoin (BTC) funds that saw just $81.1 million.
This week, Ether has outperformed Bitcoin, with ETH prices rising by 5% from their Tuesday low, while Bitcoin managed a smaller increase of only 2.8% during the same timeframe.
The significant shift towards Ether was noted by industry analysts like Ethereum educator and investor Anthony Sassano, who described it as “brutal.”
Meanwhile, NovaDius Wealth Management president Nate Geraci added that spot Ether ETFs are nearing $10 billion in inflows since July.
Spot Ether ETFs have been operational for 13 months, accumulating a total of $13.6 billion in inflows, primarily from the recent months.
In comparison, spot Bitcoin ETFs have been available for 20 months, with an overall inflow of $54 billion.
The Wall Street token
The momentum appears to be shifting toward Ethereum following the enactment of the GENIUS Act stablecoin legislation in July, as the network holds the largest market share of stablecoins and tokenized real-world assets.
Related: Investment advisers ‘dominating’ with $18.3B in Bitcoin, Ether ETFs
“It’s very much what I call the Wall Street token,” stated VanEck CEO Jan van Eck during a Fox Business interview this week.
Additionally, Bloomberg ETF analyst James Seyffart reported that investment advisers are the primary holders of Ether ETFs, with $1.3 billion in exposure. According to SEC filings, Goldman Sachs leads as the top holder at $712 million in exposure.
ETH was trading down 1.2% on the day at $4,560 at the time of writing, according to CoinGecko.
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