Ethereum ETF demand booms, adding $6.5 million in fresh capital – What now?
With RSI pointing bullish and inflows rising, is Ethereum quietly preparing for a breakout above $2,000?
- Ethereum spot ETFs saw $104M inflows, pushing total assets to $6.14 billion.
- Bitcoin ETFs led by BlackRock’s IBIT gained $422.5M, showing stronger institutional interest.
Ethereum [ETH] ETFs saw modest activity on the 1st of May, with total net inflows reaching $6.5 million, according to data from Farside Investors.
Ethereum ETF update
Fidelity’s Ethereum Fund (FETH) was solely responsible for the positive momentum, recording $6.5 million in fresh inflows.
In contrast, Grayscale’s Ethereum Trust (ETHE) experienced $12 million in outflows, offsetting the $12 million that entered Grayscale’s newly launched spot Ethereum ETF (ETH).
Other Ethereum ETFs remained flat, showing no fund movements for the day.
What about Bitcoin ETF?
On the same day, spot Bitcoin [BTC] ETFs witnessed a remarkable surge in investor interest, drawing in a combined $422.5 million in inflows.
Leading the pack was BlackRock’s IBIT, which alone attracted $351.4 million, underscoring its dominance in the space.
Grayscale’s newly launched Bitcoin ETF followed with $41.9 million, while Bitwise’s BITB secured $38.4 million in fresh capital.
Fidelity’s FBTC added $29.5 million, and VanEck’s offering drew $21.9 million. Even Grayscale’s legacy GBTC, despite previous outflows, managed to pull in $16 million.
Franklin’s EZBC and Invesco’s BTCO also contributed with $10.6 million and $8.72 million, respectively, while other funds remained stagnant.
This sharp contrast to Ethereum ETF flows signals continued strong institutional confidence in Bitcoin-backed products.
Ethereum vs. Bitcoin price update
The ETF inflows came as Bitcoin traded at $96,850.00, marking a 0.72% gain over the previous 24 hours. Ethereum also saw modest upward momentum, rising 0.18% to trade at $1,834.35.
Technical indicators reflected this bullish sentiment, with the Relative Strength Index (RSI) for both assets hovering around the 57 mark, typically a sign of increasing buying pressure.
The current positioning of the RSI suggests that bullish momentum is gaining ground, signaling growing investor confidence in the short-term trajectory of both Bitcoin and Ethereum.
What’s more?
In fact, recently, Ethereum spot ETFs witnessed a significant uptick in demand, drawing in a notable $104 million in net inflows over the past 24 hours, according to SoSoValue data.
This pushed the total net asset value of ETH ETFs to an impressive $6.14 billion, with a net asset ratio of 2.83%.
The cumulative historical inflows have now climbed to $2.4 billion, signaling strong institutional interest. If this momentum continues, Ethereum could be on track to retest the $2,000 level.
However, any strategic profit-taking by sellers could trigger a downside move, potentially pulling ETH back toward the $1,730 support range.
