The demand for Ethereum ETF has exploded, with 6.5 million USD in new capital: What's next?

* The Spot Ethereum ETF sees an inflow of 104 million USD, pushing total assets to 6.14 billion USD.

• The Bitcoin ETF led by BlackRock’s IBIT has raised 422.5 million USD, demonstrating strong interest from institutions.

On May 1, Ethereum ETF [ETH] recorded a net inflow of 6.5 million USD, according to data from Farside Investors.

Ethereum ETF Update

Fidelity’s Ethereum fund (FETH) is the main driving force, recording new capital inflows of 6.5 million USD.

In contrast, Grayscale’s Ethereum Trust (ETHE) has experienced an outflow of 12 million USD, offsetting 12 million USD into Grayscale’s newly launched Ethereum ETF spot.

Other Ethereum ETFs remain unchanged, with no fund movement on the day.

What about Bitcoin ETF?

On the same day, Bitcoin ETF [BTC] spot recorded a significant increase in investor interest, with total inflows of 422.5 million USD.

Leading the way is BlackRock’s IBIT, which alone has attracted 351.4 million USD, highlighting its dominant position.

Grayscale’s newly launched Bitcoin ETF follows with 41.9 million USD, while Bitwise’s BITB has attracted 38.4 million USD in new capital.

Fidelity’s FBTC added 29.5 million USD, and VanEck’s product attracted 21.9 million USD. Even Grayscale’s legacy GBTC, despite previous outflows, still brought in 16 million USD.

Franklin’s EZBC and Invesco’s BTCO have also contributed with 10.6 million USD and 8.72 million USD respectively, while other funds remain unchanged.

This stark contrast to the Ethereum ETF capital flow shows the continued strong trust from institutions in Bitcoin-supported products.

Update on Ethereum vs. Bitcoin prices

The ETF capital flow occurred when Bitcoin was trading at 96,850.00 USD, up 0.72% compared to 24 hours ago. Ethereum also recorded modest growth, up 0.18% to trade at 1,834.35 USD.

Technical indicators reflect this bullish sentiment, with the Relative Strength Index (RSI) of both assets hovering around 57, which is often a sign of increased buying pressure.

Source: Santiment

The current position of the RSI indicates that bullish momentum is prevailing, signaling increasing confidence among investors in the short-term outlook for both Bitcoin and Ethereum.

What else?

Recently, the spot Ethereum ETF has seen a strong increase in demand, attracting 104 million USD in net inflows over the past 24 hours, according to data from SoSoValue.

This has pushed the total net asset value of the ETH ETF to 6.14 billion USD, with a net asset ratio of 2.83%.

The total accumulated historical capital flow has now increased to 2.4 billion USD, indicating strong interest from institutions. If this upward trend continues, Ethereum may be on track to retest the 2,000 USD level.

However, any strategic profit-taking move by sellers could trigger a downward move, potentially pulling ETH back to the support range of 1,730 USD.

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