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Ethereum futures ETFs debut with modest interest; Bitcoin and Solana continue to be preferred investment options.
Investment products related to Ethereum (ETH) faced challenges in achieving significant inflows despite the recent introduction of multiple Ether futures-based exchange-traded funds (ETFs) last week.
As per CoinShares’ most recent weekly report, the modest attraction of these ETFs, amounting to only $10 million, highlights the “tepid appetite” for Ethereum among investors. The report further noted that a comparable futures ETF for Bitcoin launched last year attracted up to $1 billion in investments within its first week of operation.
Nonetheless, CoinShares’ senior analyst James Butterfill pointed out that the performance of the Ether-based ETFs may also be linked to the overall “poor investor appetite for digital assets at present.”
Last week, various futures-based Ethereum ETFs from asset managers such as Valkyrie, VanEck, ProShares, Bitwise, Kelly, and VolShares debuted in the U.S. CryptoSlate reported that these ETFs experienced approximately $2 million in trading volume on their first day.
Bitcoin, Solana maintain dominance
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In the meantime, Bitcoin (BTC) and Solana (SOL) investment products sustained their leading trend as digital asset investment products recorded inflows of $78 million last week. During this timeframe, trading volumes for ETPs increased by 37% to reach $1.13 billion.
According to CoinShares, BTC products garnered inflows of $43 million, with the asset’s current favorable price movement encouraging some investors to add $1.2 million to their short-bitcoin positions. Additionally, the trading volume for the leading cryptocurrency on reputable exchanges rose by 16%.
Throughout the past week, BTC’s price reached a peak of $28,410 and has continued to hover around the $28,000 mark.
Conversely, Solana achieved its highest weekly inflow of $24 million since March of last year and has continued to “assert itself as [investors’] altcoin of choice” despite the recent introduction of Ethereum ETFs.
Regionally, CoinShares emphasized that European investors remain predominant, contributing to 90% of the inflows. Meanwhile, investors in Canada and the U.S. have largely adopted a cautious stance, although they added $9 million to the inflows recorded in the previous week.
The post Ethereum futures ETFs launch to tepid demand; Bitcoin and Solana remain favored investment products appeared first on CryptoSlate.
