Ethereum ETFs See $6.5M Inflows Led by Fidelity, Bitcoin ETFs Draw $422.5M

Ethereum ETFs experienced a notable surge in demand, with $6.5 million in fresh capital inflows recorded on May 1st. This influx was primarily driven by Fidelity’s Ethereum Fund (FETH), which accounted for the entire $6.5 million in new investments. In contrast, Grayscale’s Ethereum Trust (ETHE) saw $12 million in outflows, which was offset by the $12 million that entered Grayscale’s newly launched spot Ethereum ETF (ETH). Other Ethereum ETFs remained stagnant, showing no significant fund movements for the day.

The surge in Ethereum ETF inflows comes at a time when Bitcoin ETFs are also attracting substantial investor interest. On the same day, spot Bitcoin ETFs witnessed a remarkable increase, drawing in a combined $422.5 million in inflows. BlackRock’s IBIT led the pack with $351.4 million in inflows, highlighting its dominance in the market. Grayscale’s newly launched Bitcoin ETF followed with $41.9 million, while Bitwise’s BITB secured $38.4 million in fresh capital. Fidelity’s FBTC added $29.5 million, and VanEck’s offering drew $21.9 million. Even Grayscale’s legacy GBTC, despite previous outflows, managed to pull in $16 million. Franklin’s EZBC and Invesco’s BTCO also contributed with $10.6 million and $8.72 million, respectively, while other funds remained stagnant. This sharp contrast to Ethereum ETF flows signals continued strong institutional confidence in Bitcoin-backed products.

Ask Aime: What triggered the surge in Ethereum ETF demand, and how does this compare to Bitcoin ETF inflows?

The ETF inflows coincided with a modest upward momentum in both Bitcoin and Ethereum prices. Bitcoin traded at $96,850.00, marking a 0.72% gain over the previous 24 hours, while Ethereum rose 0.18% to trade at $1,834.35. Technical indicators reflected this bullish sentiment, with the Relative Strength Index (RSI) for both assets hovering around the 57 mark, typically a sign of increasing buying pressure. The current positioning of the RSI suggests that bullish momentum is gaining ground, signaling growing investor confidence in the short-term trajectory of both Bitcoin and Ethereum.

Recently, Ethereum spot ETFs witnessed a significant uptick in demand, drawing in a notable $104 million in net inflows over the past 24 hours. This pushed the total net asset value of ETH ETFs to an impressive $6.14 billion, with a net asset ratio of 2.83%. The cumulative historical inflows have now climbed to $2.4 billion, signaling strong institutional interest. If this momentum continues, Ethereum could be on track to retest the $2,000 level. However, any strategic profit-taking by sellers could trigger a downside move, potentially pulling ETH back toward the $1,730 support range.