Investors bought more than $156 million in BlackRock's Ether ETF. Others ran away from bitcoin products at nearly twice that price. Even as Ethereum fell, savvy investors plowed more than $233 million into various spot ether exchange-traded funds, new data shows. BlackRock had the most action, adding $157 million to its ETFs on Monday and Tuesday. At the same time, other investors exited various spot bitcoin ETFs over the past two days. According to Farside Investors, the total outflows from the 11 Bitcoin ETFs are approximately $317 million. Analysts say Ethereum's prominence during the latest fire sale boils down to two main reasons. BTC ETFs bought in January were still in profit despite the sharp price drop and could therefore take profits,” said Michael Friedman, capital markets specialist for financial services firm 21Shares. While some investors cashed out, the decline in Ether's price was spectacular. Global benchmarks including the Nasdaq Composite Index, the S&P 500 and Japan's Nikkei crashed on Monday, with “investors taking advantage of the price decline as an entry point,” Friedman told News. Fears of a US recession, Federal Reserve policy and turmoil in Japanese financial markets sent investors fleeing. Cryptocurrency was one of the most affected markets. CoinGecko data shows that the entire market lost more than $152 billion on Monday. Join the community to get our latest stories and updates Stephan Kimmel, CEO of UAE-based crypto exchange M2, said investors bought ether ETFs instead of bitcoin because they expected ether. Bitcoin rises more after Monday's crash. That condition is yet to be paid. Since Monday's fall, both Bitcoin and Ethereum are up 15%, according to CoinGecko. Despite recent differences in investor flows, CoinShares head of research James Butterfill says investors are actually buying both ETFs. Market watchers need only expand. their deadlines. Bitcoin alone has seen about $21 billion in inflows this year, while Ethereum has seen just $760 million, he said. “It's all about timing: Bitcoin got its ETF approval in the US in January, while Ethereum ETFs were approved in late July,” Butterfill told News, adding that Ethereum has fallen nearly 27% since its ETF debut on July 23. -Date picture is more rosy. Since January 1, Ether has gained 9%. Liam Kelly is the DeFi Correspondent at News. Contact [email protected].
