According to Farside, U.S.-approved exchange-traded funds (ETFs) tied to Ethereum (ETH), the world’s second-largest cryptocurrency, ended the last business week on an excellent note. The funds recorded about $1.85 billion in inflows as they saw several buyers throughout the week.
In contrast, Bitcoin (BTC) ETFs ended the week with just $78 million in intake, as they saw two inflow days and three bearish days.
$1.85 billion intake
Data from Farside shows that the best business day for the Ether ETFs was Tuesday, when only three of the investment funds amassed $533.8 million. These include BlackRock’s ETHA, which recorded $426.2 million, Grayscale’s Mini Trust, which recorded $72.6 million, and Fidelity’s FETH, which took in $35.0 million.
The second-best day was Friday, when investors bought about $452.8 million worth of Ether ETF shares. In addition to ETHA’s $440 million intake on that day, Bitwise ETHW recorded $10 million in inflows. In comparison, FETH and ETH recorded $26.2 million in inflows on the last business day of the week. However, Grayscale’s ETHE shed $23.5 million.
On the remaining days, the Ether ETFs took in $296.5 million, $332.2 million, and $231.2 million, all contributing to the bullish week.
Moreover, data from the on-chain perpetual transactions tracker, Coinglass, shows that leverage traders are placing significant bets on the ETH price, as it has recently garnered investors’ attention. The open futures position on ETH across the entire network stands at a new high of around $60.5 billion.
Bitcoin ETFs Lag
Notably, the U.S.-approved BTC ETFs did not record the same success as their ether contemporaries. The BTC-backed investment funds shed about $285.2 million in the first three business days of the week. However, things turned green thereafter as they took in $357.5 million on Thursday and Friday.
Notably, this is a result of the significant volatility BTC displayed within the business week. As investors withdrew their profits, the price saw a sharp decline below the $115,000 mark. At press time, it had recovered to the $119,000 range.
Meanwhile, while BTC and ETH experienced price fluctuations, BNB, the native token of the Binance network and crypto exchange, surged to a new all-time high above $827 on Sunday, attracting more investors to the crypto.
