Ethereum ETF Inflows Outpace Bitcoin ETFs for Fifth Straight Day
Ethereum ETFs have surpassed Bitcoin ETFs in inflows for five consecutive days, with around $3.4 billion entering Ethereum compared to $966 million for Bitcoin. This surge is attributed to increasing corporate treasury accumulations, a decrease in exchange supply, and the appeal of staking yields available on Ethereum. On August 15, Ethereum funds reportedly added $640 million, buoyed by significant contributions from notable offerings like BlackRock's ETHA and Fidelity's FETH. Analysts suggest that this is part of a larger trend of institutional interest in Ethereum, driven by its utility in smart contracts and income generation, unlike Bitcoin. However, there are concerns over potential market corrections and retail profit-taking, especially as historical patterns suggest September may see a downturn. Yet, experts remain optimistic about Ethereum's prospects, projecting a possible price target of $10,000 if current trends persist.
Source 🔗