Ethereum ETFs Surpass Bitcoin with $307M Inflows

U.S. spot Ethereum exchange-traded funds (ETFs) experienced an impressive $307 million in net inflows on Wednesday, significantly outpacing the inflows reported by spot Bitcoin ETFs. Leading the charge was BlackRock's ETHA with $262.6 million, followed by Fidelity's FETH with $20.5 million, as stated by SoSoValuedata. Additional inflows were also recorded for Grayscale's Mini Ethereum Trust and ETHE, as well as VanEck's ETHV. In contrast, spot Bitcoin ETFs reported $81.3 million in inflows, achieving their third consecutive day of inflows but still trailing behind the Ethereum ETFs. Analysts from K33 predict continued challenges for Bitcoin in the near term, as substantial investments shift towards Ethereum, potentially leaving Bitcoin vulnerable to further declines. As of Thursday at 3:10 a.m. ET, Bitcoin saw a 2% increase over the last 24 hours, reaching $113,307, while Ethereum remained relatively stable, edging up 0.08% to $4,581, according to The Block’s pricing data. In a significant shift, the ETH/BTC ratio crossed above 0.04 last week for the first time this year, underscoring Ethereum's growing strength in the market. *Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures holds a majority investment in The Block, which continues to operate independently to deliver objective insights into the cryptocurrency industry. This article is for informational purposes and should not be considered legal, tax, investment, or financial advice.*