Spot Ether exchange-traded funds are experiencing remarkable sales in the US, drawing in over 10 times the inflows compared to their spot Bitcoin counterparts during the past 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 of that amount, totalling $171 million, according to CoinGlass.
On the most recent trading day, Wednesday, the trend persisted, with nine Ether (ETH) funds accruing $310.3 million in inflows, while the 11 spot Bitcoin (BTC) funds recorded just $81.1 million.
This week, Ether recovered more rapidly than Bitcoin, with ETH prices increasing by 5% from their Tuesday low, in contrast to Bitcoin’s mere 2.8% gain during the same timeframe.
The significant movement towards Ether has not gone unnoticed by industry experts, including Ethereum educator and investor Anthony Sassano, who described it as “brutal.”
Source: Anthony Sassano
Additionally, NovaDius Wealth Management president Nate Geraci noted that spot Ether ETFs are nearing $10 billion in total inflows since the beginning of July.
Spot Ether ETFs have been exchanging for 13 months and have amassed $13.6 billion in total aggregate inflows, most of which occurred in recent months.
Conversely, spot Bitcoin ETFs have been available longer, trading for 20 months with an aggregate inflow of $54 billion.
The Wall Street token
Momentum appears to be shifting to Ethereum following the enactment of the GENIUS Act stablecoin legislation in July, as the network claims 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 discussion on Fox Business this week.
Meanwhile, Bloomberg ETF analyst James Seyffart reported that investment advisers were the leading holders of Ether ETFs, with $1.3 billion in exposure. According to SEC filings, Goldman Sachs stands as the top holder with $712 million in exposure.
Ether ETF inflows have surged over the past couple of months. Source: CoinGlass
At the time of writing, ETH was trading down 1.2% at $4,560, according to CoinGecko.
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