Ethereum ETFs saw weekly inflows of $84.6 million, the highest level since early August, indicating renewed investor interest. BlackRock’s ETHA and Fidelity’s FETH drove inflows, with ETHA’s assets exceeding $1 billion shortly after launch.

Weekly inflows into Ethereum ETFs surged to their highest level since early August. The increase in inflows underscores renewed investor interest in Ethereum, though these funds still lag behind Bitcoin ETFs, which saw $1.11 billion in inflows during the same period.

The increase in Ethereum inflows ended six consecutive weeks of outflows. BlackRock's ETHA and Fidelity's FETH made significant contributions, injecting $95.5 million and $64.8 million respectively. It is worth mentioning that ETHA's total assets under management exceeded the $1 billion threshold, ranking among the top 20% of US ETFs shortly after its launch.

Bitcoin ETFs continue to dominate the space, benefiting from the first-mover advantage of their early launch, which has attracted a lot of investment. Since the launch of Ethereum ETFs, these funds have seen net outflows of about $500 million, while Bitcoin ETFs have seen net inflows of more than $5 billion.

In the ETF market, Bitcoin is favored over Ethereum, partly because Bitcoin accounts for a larger share of the total cryptocurrency market capitalization, more than 50%, while Ethereum accounts for only 14%. This difference affects investor behavior, making investors prefer Bitcoin, which is more liquid and widely held.

Ethereum price has declined in recent sessions, falling below the $2,600 mark. Despite the decline, Ethereum has remained above its 50-day moving average, which suggests an uptrend in the short term. Ethereum’s relative strength index (RSI) is currently at 53, suggesting that the asset can maintain its momentum.

Looking ahead, there is cautious optimism about an Ethereum ETF, especially considering that October has historically been a positive month for the cryptocurrency market. Meanwhile, the Ethereum Foundation has been converting some of its holdings into the stablecoin DAI to fund various research and development projects aimed at enhancing the Ethereum network.

Ethereum (ETH) is currently priced at $2,609.7, up 0.32% in the past 24 hours. In the past month, it has increased by 3.86%, although it has fallen by 21.19% in the past six months. Ethereum's market capitalization is approximately $314.12 billion.

The article is for reference only and does not constitute investment advice.