Original author: He Hao, Wall Street Insights
Reposted by: Luke, Mars Finance
Spot Ethereum ETFs are trading explosively in the U.S., attracting inflows over the past five trading days that are more than ten times that of spot Bitcoin ETFs. According to CoinGlass data, since August 21, spot Ethereum ETFs have recorded inflows of up to $1.83 billion, while Bitcoin ETFs during the same period only had $171 million, less than 1/10 of Ethereum.
This trend continued this Wednesday: 9 Ethereum ETFs saw an inflow of $310.3 million, while 11 Bitcoin spot ETFs only recorded $81.1 million.
Since this week, the rebound in Ethereum prices has also been faster than that of Bitcoin.
This large-scale capital shift towards Ethereum has caught the attention of industry observers. Insiders describe this change as very intense. Since the beginning of July, the inflow into spot Ethereum ETFs has approached $10 billion.
Spot Ethereum ETFs have been trading for 13 months, accumulating an inflow of $13.6 billion, most of which has come in recent months. In contrast, spot Bitcoin ETFs have been listed longer, trading for 20 months with a total assets under management (AUM) of $54 billion.
Since the passing of the GENIUS stablecoin bill in July, market momentum seems to be shifting towards Ethereum. The reason is that the Ethereum network has the largest share of stablecoins and the tokenization market for real-world assets. VanEck CEO Jan van Eck stated this week, 'This very much aligns with what I call Wall Street tokens.'
According to Bloomberg ETF analyst James Seyffart, investment advisors are the largest holders of Ethereum ETFs, with holdings reaching $1.3 billion. According to SEC filings, Goldman Sachs is among the top holders, with a holding size of $712 million.
The scale of cryptocurrency ETFs is growing rapidly. Just looking at the largest Bitcoin ETF, IBIT, its AUM is quickly approaching that of the world's largest gold ETF, GLD.
