Ethereum ETFs See Best Week Since Launch Colossal Ether Bull Run Ahead?
Ethereum (ETH), the largest altcoin, has performed poorly compared to Bitcoin (BTC). For instance, while ETH has gained around 16% in the last 30 days, BTCs price has jumped by 31%.
The exchange-traded fund (ETF) market now hints at a possible turnaround for ETH price. Since spot ETH ETFs launched in the US in July, they have been struggling with weak demand compared to their Bitcoin counterparts.
However, last week, these products had their best week since launch. Data from SoSoValue shows that spot ETH ETFs posted $515M inflows during the week, a significant jump from the $154M inflows reported during the previous week.
Last weeks data marked the highest weekly inflows posted by these products since their launch. Moreover, in just two weeks, their net assets have increased from $6.94 billion to $9.15 billion.
Despite the recent positive data, outflows from the Grayscale Ethereum Trust have continued to weigh on the price. The cumulative netflow from these products stands at $178M. Since its launch, the Grayscale ETH ETF has recorded over $3 billion in outflows.
Ethereum continues to underperform against Bitcoin
Ethereum traded at $3,343 at press time after a slight 0.7% decline in 24 hours. Despite the crypto fear and greed index, which has a value of 83, indicating that the market is in extreme greed, ETH has failed to post major gains.
The ETH/BTC ratio shows that the altcoin continues to form new lows against Bitcoin. This metric is currently at a three-year low of 0.0343. Moreover, the ratio has fallen below a wedge pattern, showing that the altcoins gains have failed to match Bitcoins.
According to an analyst venture founder on X, ETH traded at $3,000 while BTC made successive new highs above $90,000, which felt criminal.
The analyst noted that during the 2021 bull market, Ethereum formed an all-time high above $4,800 as Bitcoin traded at $69,000. At that time, the ETH/BTC ratio stood at 0.07. As such, if Ethereum were to repeat this trend, the price would be supposed to trade at $6,300, considering that Bitcoin is at record highs.
At the same time, Solana has been eating up Ethereums market share. At press time, the SOL/ETH ratio stood at an all-time high of 0.077, indicating that Solana has been performing better than Ethereum.
Read more: https://zycrypto.com/ethereum-etfs-see-best-week-since-launch-colossal-ether-bull-run-ahead/
Text source: ZyCrypto
