Bitcoin and Ethereum ETFs are both performing very well, with their combined trade volume reaching $11.5 billion yesterday. This is roughly equivalent to Apple’s stock volume that day, which is an impressive feat.
ETH is witnessing a flood of fresh corporate interest, as NEOS’ new “high income” ETF signals sustained institutional inflows. Nonetheless, BTC is the bigger player, with impressive trading records and TradFi buy-in.
Crypto ETFs Take Off
Although altcoin ETFs are facing a lot of delays, products based on Bitcoin and Ethereum have been doing very well lately. They briefly fell after a record month in July, but there are a lot of key statistics that show how well the comeback is going. Eric Balchunas, a Bloomberg ETF analyst, added helpful context to these products’ high performance:
New Hype for Ethereum
So, how did this happen? As recently as last week, prominent researchers claimed that corporate treasuries are a better investment than crypto ETFs. Despite this recommendation, these results speak for themselves. For Ethereum ETFs, the key factor is institutional adoption, which they’re starting to receive after Bitcoin hogged most of it.
In July, Ethereum ETFs briefly surpassed Bitcoin products’ inflows, setting the stage for massive corporate investment. Spot ETH ETFs posted three of their best four trading days ever this week, nearing $3 billion in inflows over four days. NEOS even filed for a “high income” ETH ETF, which is only economically feasible thanks to huge inflows.
The token neared an all-time high recently, sparking hopes of an altcoin season. This triggered a surge of growing corporate investment, helping power this performance.
Bitcoin Keeps Chugging
Ethereum ETFs are in the spotlight right now, but Bitcoin still represents the majority of this trade. Its head start is too substantial to ignore; BlackRock’s IBIT is the 20th-largest ETF in the entire US market. Bitcoin ETFs have been receiving institutional buy-in for over a year, after all.
Once you look for them, there are many examples of Bitcoin ETF adoption in TradFi circles. For instance, Harvard invested in IBIT, and new countries keep launching Bitcoin ETFs. This morning alone, Wells Fargo and several sovereign wealth firms in Abu Dhabi revealed their own massive commitments. More than several major players still prefer Bitcoin.
In short, both Bitcoin and Ethereum ETFs are leading this current investment wave. ETH is attracting attention with its rapid growth, but it’s important not to overstate this. In any event, this trend is a bullish signal for the entire crypto market, especially as more altcoin ETFs reach the open market.
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