The cryptocurrency market continues to witness strong institutional interest, with Ethereum and Bitcoin ETFs attracting significant inflows on the 1st of May. According to data from Farside Investors, Ethereum spot ETFs saw a total of $6.5 million in net inflows, with Fidelity’s Ethereum Fund (FETH) leading the way with $6.5 million. However, Grayscale’s Ethereum Trust (ETHE) experienced $12 million in outflows, offsetting the inflows into Grayscale’s newly launched spot Ethereum ETF (ETH).
On the other hand, Bitcoin ETFs saw a surge in investor interest, with a combined total of $422.5 million in inflows on the same day. BlackRock’s IBIT attracted the most capital with $351.4 million, followed by Grayscale’s Bitcoin ETF, Bitwise’s BITB, Fidelity’s FBTC, VanEck’s offering, and others contributing to the strong inflows.
The contrasting flows between Ethereum and Bitcoin ETFs highlight the continued strong institutional confidence in Bitcoin-backed products. This trend is reflected in the price movements of both assets, with Bitcoin trading at $96,850.00 and Ethereum at $1,834.35. Technical indicators show a bullish sentiment, with the Relative Strength Index (RSI) for both assets hovering around 57, indicating increasing buying pressure.
In addition to ETF inflows, Ethereum spot ETFs saw a significant uptick in demand, attracting $104 million in net inflows over the past 24 hours. This pushed the total net asset value of ETH ETFs to $6.14 billion, with a net asset ratio of 2.83%. The cumulative historical inflows have now reached $2.4 billion, signaling strong institutional interest in Ethereum. However, potential profit-taking by sellers could trigger a downside move, bringing ETH back towards the $1,730 support range.
Overall, the strong institutional interest in both Ethereum and Bitcoin ETFs bodes well for the cryptocurrency market. With bullish momentum gaining ground and growing investor confidence, both assets could see further price appreciation in the near term. Investors should closely monitor market developments and technical indicators to make informed decisions about their cryptocurrency investments.