Ethereum Overtakes Bitcoin in Spot ETF Flows
November 29, 2024
Spot crypto exchange-traded funds in the United States have seen a marked divergence in flows between Bitcoin and Ethereum over the past four days, with data from SoSoValue showing Ethereum funds clearly outperforming their Bitcoin counterparts.
According to the data, the nine Ethereum spot funds generated $224.8 million inflows between November 22 and 27, compared to just $32.2 million inflows for the 12 Bitcoin spot funds. This stark disparity reflects the recent surge in investor interest in Ethereum over Bitcoin.
This performance coincided with the divergence in the price movements of the two major currencies in the markets, as the price of Bitcoin recorded a decrease of 2.7% over the past seven days, while the price of Ether rose by 5.3% during the same period, which enhances the attractiveness of Ethereum among investors.
As the week comes to a close, Ethereum Spot Funds are expected to outpace Bitcoin Spot Funds in weekly net inflows for the first time, based on trading on November 29. These developments highlight a significant shift in investor sentiment within the cryptocurrency market.
It is worth noting that Bitcoin ETFs recorded their highest inflow week between November 18 and 22 when the ETFs saw inflows worth $3.38 billion, pushing Bitcoin towards its all-time high of $99,645. Read also:
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Bitcoin is at risk of a sharp drop to this level as the currency continues to decline