Global Ethereum exchange-traded products (ETPs) outperformed their Bitcoin counterparts in the week ahead of the upcoming U.S. spot Ethereum exchange-traded funds (ETFs).
Ethereum ETPs saw net inflows for the fourth consecutive week, totaling 16,911 ETH. Meanwhile, Bitcoin ETPs saw net outflows of 12,523 BTC — the third worst week to date, driven primarily by net outflows from U.S. spot Bitcoin ETFs. Global Ethereum ETPs have recorded net inflows of 86,472 ETH, worth about $300 million, over the past four weeks. This echoes the $1.25 billion inflows that Bitcoin ETPs saw ahead of the U.S. spot Bitcoin ETF launch in November 2023. This is a sign that inflows into U.S. spot ETH ETFs will reach about 25% of U.S. spot BTC flows.
The U.S. Securities and Exchange Commission (SEC) has approved Form 19b-4 for eight spot Ethereum ETFs from firms like BlackRock and Fidelity on May 23. However, issuers still need to make their S-1 registration statements effective before they can start trading, a process that could take several weeks. Last week, the SEC chairman estimated that S-1 approval for spot Ethereum ETFs could happen sometime in late summer this year. Meanwhile, Bloomberg ETF analyst Eric moved up their spot Ethereum ETF listing date forecast to July 2.
