Charles Edwards, founder of Capriole Investments, stated that spot Ethereum ETFs were launched at the wrong time, which could put the price of Bitcoin (BTC) at risk.

After months of anticipation, spot Ethereum ETFs launched on July 23. There was a net inflow of over $100 million into these ETFs on the first day of trading. Funds offered by major investment companies such as BlackRock and Grayscale have created great expectations among crypto investors.

Edwards noted the possible impacts of spot Ethereum ETFs. According to him, these ETFs will diversify investors and interest in Bitcoin will shift to Ethereum.

Bitcoin analyst Charles Edwards criticized the timing of the launch of spot Ethereum ETFs. Edwards emphasized that if there is no new capital inflow, the price of Bitcoin (BTC) may be in danger.

Speaking to Cointelegraph, Edwards commented, “It would be more beneficial to have only a BTC ETF in 2024.” Edwards stated that Ethereum ETFs may confuse institutional investors investing in Bitcoin.

“Current BTC ETF holders at the institutional level could probably consider doing some diversification and purchasing an ETH ETF,” Edwards said. "But if there are no new flows into the entire market, this will put selling pressure on Bitcoin," he said.

According to Farside data, $17.53 billion capital flow has been provided to spot Bitcoin ETFs since the launch. On the other hand, spot Ethereum ETFs failed to show the desired performance in the first three trading days.

Edwards said that ETH ETFs cannot be a trigger for the rise in the short term. ETH has lost nearly 10% of its value against Bitcoin in the last seven days.

According to CoinGlass data, traders do not expect a sudden rise of ETH. It is stated that if ETH rises to $ 3,500, the short position of $ 1.32 billion will be liquidated.

CryptoQuant head of research Julio Moreno suggested that the start of trading of spot Ethereum ETFs was a news sell event for investors.

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