Ethereum

Based

Merge

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Cryptocurrency analyst Leon Waidmann, Onchain Foundation's Head of Research, tracked the liquidity dynamics in Bitcoin- and Ethereum-based investment products of Grayscale since the moment of conversion to spot ETFs. So far, Ethereum (ETH) demonstrates better potential.
<h2 id="grayscale-outflows-eth-based-product-looks-better-analyst-says">Grayscale outflows: ETH-based product looks better, analyst says</h2>
Ethereum (ETH) is outperforming Bitcoin (BTC) in terms of ETF outflows over time based on the first 50 days of observation, researcher Leon Waidmann says. He tracked Grayscale's investment products since the moment of conversion of OTC trusts to spot ETFs.
<blockquote>
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> is outperforming <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> in terms of ETF outflows over time – ETH (green) now lower than GBTC (blue) in the same number of days – extremly bullish!📈If this holds, much more upside for <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> ahead!🚀 <a href="https://t.co/l7XAVvdSqS" rel="noopener noreferrer nofollow">pic.twitter.com/l7XAVvdSqS</a>— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) <a href="https://twitter.com/LeonWaidmann/status/1839712753851724170?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 27, 2024</a>
</blockquote>
Simply put, the Ethereum-based product is losing liquidity way slower compared to its BTC-based analog. As such, Waidmann foresees a larger upside for the second cryptocurrency if this status quo holds.
Bitcoin spot ETFs launched in the U.S. Jan. 11, 2024, while the Ethereum spot ETF went live July 23. Grayscale, a blue-chip asset manager and operator of the largest OTC-traded crypto-based trusts, converted its corresponding products into ETFs.
As covered by U.Today previously, Ethereum (ETH) demonstrates pale performance in pair with Bitcoin (BTC) in recent years.
On Sept. 15, 2024, ETH/BTC rates dropped below 0.04 for the first time in three and a half years. ETH/BTC lost over 55% since Ethereum activated the Merge upgrade replacing proof of work with proof of stake.
<h2 id="bitcoin-etfs-inflow-metrics-positive-for-seven-days-in-row">Bitcoin ETFs inflow metrics positive for seven days in row</h2>
As cryptocurrency markets experience cautious optimism, Bitcoin-based ETFs register positive inflows for seven days running.
As per CoinGlass data, in the last week, spot Bitcoin ETFs in the U.S. accumulated over $1.35 billion in AUM. The last outflow was registered Sept. 18.
Yesterday's session was the most productive for Bitcoin ETFs since mid-July with almost $0.5 billion added in one day. ARK Investments is responsible for over $200 million in this sum.
Ethereum (ETH), by contrast, is sending mixed signals, with five "positive" and two "negative" days in the last week. The net inflow equals $93.2 million across all publicly traded <a href="https://www.coinglass.com/eth-etf" rel="noopener noreferrer nofollow">ETFs on spot Ether</a>.

Ethereum vs Bitcoin: Much More Upside for ETH Ahead, Analyst Says

Table of Contents

U_Today

Other articles published on Sep 28, 2024

Top 3 Meme Coins To Watch Heading Into Q4: Dogecoin, Raboo, And Bonk

PEPE’s price surges by over 16% as meme coins rose, with Floki and Shiba Inu among the top gainers

Bitcoin’s Unprecedented Rise: Exploring the Short Squeeze Phenomenon Behind BTC’s Leap Past $65K

Analytics Company Claims Market “Entered FOMO Level”, Shares Expectations for Bitcoin

The Crypto Market Shifts Into Euphoria: The Fear & Greed Index Explodes

Coinpedia Fintech News

Join our free newsletter for daily crypto updates!