Ethereum ETFs see $1.85B inflows – 25x more than Bitcoin!
Main Idea
Ethereum ETFs saw $1.85 billion in inflows, significantly outpacing Bitcoin ETFs, driven by hedge funds and CME basis trades, while the ETH/BTC ratio remained unaffected.
Key Points
1. ETH ETFs recorded $1.85 billion in net inflows, 25x more than Bitcoin ETFs' $72 million, with BlackRock's ETHA contributing half of the total $20B assets.
2. Hedge funds on CME Futures drove the ETH ETF flows, with ETH's CME Open Interest surging to nearly 2 million coins and annualized basis reaching 12%.
3. Despite the ETF inflow divergence, the ETH/BTC ratio showed no significant movement, unlike the previous week's 28% rally.
4. Unstaking demand for ETH increased due to higher potential returns from basis trades (12%) compared to staking rewards (3%).
5. ETH traded at $3.7K, with potential to reach $4K if market sentiment remains positive.
Description
CME basis trade surged to nearly 12% as spot ETH ETFs pulled record $1.85 billion
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