Spot ethereum ETFs outpace bitcoin ETF inflows

Inflows into spot ethereum ETFs are flipping bitcoin’s. 

On Wednesday, about $309.5 million entered into US spot ethereum ETFs, extending a five-day streak of positive inflows, data from SoSoValue shows. Notably, so far in August, ethereum ETFs have notched $4 billion in inflows, while US spot bitcoin ETFs have seen $803 million of outflows, the second-highest on record and a sign of investor rotation away from bitcoin.

Matt Hougan, the chief investment officer of crypto asset manager Bitwise, said in an X post, “There is a relentless bid for ETH atm.”

Top holders of ethereum ETFs include Goldman Sachs Group, Jane Street, Millennium Management, Capula Management, and Schonfeld Strategic Advisors, which have a collective exposure of more than $1.3 billion, per Bloomberg, using data from 13F filings with the SEC as of the second quarter.

By category, “advisors are dominating the known holders and have pulled away from Hedge Funds,” Bloomberg ETF research analyst James Seyffart posted on Wednesday.  

Despite having more inflows recently, spot ethereum ETFs’ cumulative inflows stand at $13.6 billion, 25% of bitcoin’s total inflows since inception, which sit at almost $54.2 billion. 

The price of ethereum recorded an all-time high of nearly $4,950 last week, and bitcoin also notched a record price in August, touching the $124,000 level. But year to date, ethereum has jumped 34%, compared to bitcoin 20% increase.

In other ethereum news, Cathie Wood’s Ark Investment Management LLC added shares of BitMine Immersion Technologies, the leading corporate treasury firm of ethereum by total tokens held.

According to a Wednesday trading filing, Ark Investment bought 339,113 BitMine shares worth nearly $15.6 million across three of its ETFs: ARK Fintech Innovation ETF, ARK Innovation ETF, and ARK Next Generation Internet ETF.

BitMine currently has more than 1.7 million ethereum tokens, or about $7.7 billion, in its war chest.