In a standout performance, Bitcoin (BTC-USD) surged by 4.4% to approach $67,000 during Friday’s Asia trading session, outpacing the broader crypto market. Meanwhile, Ethereum (ETH-USD) is grappling with significant outflows from its new ETFs. The Grayscale Ethereum Trust alone saw $152 million in withdrawals, mirroring earlier challenges faced by Bitcoin ETFs. As Bitcoin continues to dominate, Ethereum’s ETF turbulence creates a mixed landscape for investors.
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Ethereum ETFs Face Challenges
While Bitcoin shines, Ethereum (ETH) is encountering difficulties. Ether’s price rose 2.8% to exceed $3,200, but the launch of Ethereum exchange-traded funds (ETFs) has been rocky. According to SoSoValue, Ethereum ETFs saw a significant outflow of $152 million, with the cumulative flow since their debut being negative $178.68 million. CoinShares analysts noted exclusively to CoinDesk, “This situation is very similar to the Bitcoin ETF product launches at the beginning of the year.”
Grayscale’s Impact
The Grayscale Ethereum Trust, which transitioned to an ETF, has been a major contributor to the outflows. Mads Eberhardt, a crypto analyst at Steno Research, suggested that the current trend could be a “prime buying opportunity,” predicting that the decline might end soon with a potential increase in inflows.
However, Rachel Lin, CEO of SynFutures, is less optimistic, warning of potential short-term pain. “Grayscale’s ETH ETF fund is becoming a net seller on the market with over $810 million in outflow since the ETF launch,” Lin said in an email to CoinDesk.
What Is BTC’s Price?
At the time of writing, BTC is sitting at $67,486, marking a 4.21% increase over the past 24 hours.
What Is ETH’s Price?
At the time of writing, ETH is sitting at $3,251, marking a 3.48% increase over the past 24 hours.
