Ethereum ETFs struggle as Bitcoin ETFs see $252M inflows: Can ETH catch up?

Bitcoin ETFs have surged with $252 million in inflows, while Ethereum ETFs struggle, potentially widening Bitcoin's dominance.

Bitcoin exchange-traded funds (ETFs) saw a net inflow of $252 million in the past week, continuing a trend of strong inflows into the ETFs. However, Ethereum ETFs faced outflows, adding to the year-to-date net outflows of $468 million.

The outflows from Ethereum ETFs come as the spot price of ETH has fallen 50% over the past two years, leading many former ETH users to migrate to Layer 2 solutions or alternative, more cost-effective Layer 1 blockchains. Additionally, Ethereum has become inflationary, as it now issues more $ETH than it burns, unlike Bitcoin’s capped supply of 21 million $BTC.

Meanwhile, Bitcoin ETFs have performed well, with several ETFs seeing inflows. This is in contrast to the outflows seen by Grayscale’s Bitcoin ETF, GBTC, which saw outflows of $165 million. However, other BTC ETFs, such as BlackRock’s ETF, saw inflows.

Collectively, BTC ETFs saw inflows of $322 million, while Grayscale’s ETHE saw outflows of $70 million, adding to the ETF’s negative net flow.

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