Spot Ethereum Exchange Traded Funds (ETFs) demonstrate significant success in the U.S. market, with assets exceeding $4 billion.
Capital Inflows into Ethereum ETFs
As of June 24, 2023, Spot Ethereum ETFs have accumulated over $4 billion in net inflows since their launch. According to SoSoValue, these funds saw $100.7 million in a single day despite market fluctuations due to geopolitical changes in the Middle East. The leading inflow came from Fidelity’s FETH fund, which netted $60.5 million, while BlackRock’s ETHA fund attracted $25.8 million. Grayscale's ETHE and ETH products brought in $9 million and $5.4 million, respectively.
Comparison with Bitcoin ETFs
Despite the impressive figures for Ethereum ETFs, their performance significantly lags behind Bitcoin ETFs, which launched in January 2024 and garnered $34.7 billion in net inflows over the first eleven months. To date, the total stands at $47.3 billion. On the same day that Ethereum ETFs recorded inflows, Bitcoin ETFs, led by BlackRock’s IBIT product, saw $350.8 million in net inflows.
Current Market Situation of Ethereum
In terms of market share, Grayscale’s ETHE fund's dominance declined from 89.7% at launch to 30.2%, reflecting a shift towards their smaller ETH product. BlackRock’s ETHA fund now leads with a 31.8% share, followed by Fidelity’s FETH at 18%. The total trading volume of Ethereum ETFs in the U.S. market has surpassed $89 billion, averaging $840 million daily. With Ethereum’s current market capitalization at $290.3 billion, accounting for approximately 13.8% of Bitcoin's market cap of $2.1 trillion, the inflows into these ETFs appear quite significant.
Thus, Ethereum ETFs have shown strong growth and capital attraction despite market factors, continuing to evolve in the competitive landscape against Bitcoin ETFs.
