Data from SoSoValue show the ETH ETFs pulled inflows significantly larger than the $203 million registered by the Bitcoin Spot ETFs despite the premier cryptocurrency having a better price performance. Commenting on this eye-catching development, Coinbase analysts have attributed Ethereum ETF performance to a spiked interest in ETH as a preferred asset for CME basis trade over Bitcoin. For context, the CME basis trade is a common trading strategy where market participants go long on an asset in the spot market and short in the future market with intentions to profit from the difference in market prices.
According to data from Coinbase, CME ETH basis trade produced a higher gain (16%) than that of Bitcoin (10%) over the last week translating into an increased market institutional interest in the Spot ETFs. Of the reported net inflows in the Ethereum ETF market, BlackRock’s ETHA remains investors’ favorite with total net deposits of $286.81 million.
Related Reading: Ethereum Spot ETFs Suffer $186 Million Outflows As New Year Struggles Persist – Details Ethereum Spot ETFs Register $420 Million Inflows Amid Price Fall As prices of Ethereum struggled to find market stability in the past week, the Ethereum Spot ETFs experienced an increased level of market interest translating into a net inflow of $420 million.
The story "Ethereum Spot ETFs Outshine Bitcoin Counterparts With Double Market Inflows – Details" has 422 words across 64 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Ethereum Spot ETFs Outshine Bitcoin Counterparts With Double Market Inflows – Details" was covered 1 days ago by NewsBTC, a news publisher based in United Kingdom.
How trustworthy is 'NewsBTC' news outlet?
NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United Kingdom and publishes an average of 4 news stories per day.
It's most recent story was published 10 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
