This week, several much-anticipated spot Ether ETFs finally went live. However, they got off to a rough start, with net outflows happening every day for the first three days of trade.
The Grayscale Ethereum ETF (ETHE), which lost over $1.5 billion in its first four days, was the major reason for this chaos. Despite this setback, some market experts still think the start of the ETF was a success.
Nate Geraci, President of the ETH Store, is still positive about how Ether ETFs will do in the long run. He said that a remarkable $1 billion has moved into other ETFs this week, excluding the Grayscale Ethereum ETF (ETHE).
Ether ETF Net Inflows Surge
Geraci believes that the net inflows were not due to the recycling of some of these investments. Geraci says the launch was an incredible success because investors got a lot of exposure through regular investment ETF channels.
All Ether ETFs except ETHE have seen net gains. A report from Farside Investors shows that $442 million came into the BlackRock Ethereum ETF (ETHA), making it the top performer. ETHW came in second with $265 million, which was a close second.
Furthermore, Bitwise said earlier this week that it would give 10% of its profits to help ETH rise. On Friday, ETH ETFs received $16 million in new money.
Because the Ether ETFs started this week, the price of (ETH) has changed a lot. The price of ETH fell to $3,150 earlier this week, but it has partly recovered since then and is now trading at $3,265. Since Bitcoin ETFs came out, the altcoin’s price has been moving very similarly to Bitcoin’s.
Even though people were quick to sell after hearing the news, experts think that ETH will continue to rise for a few more weeks before it starts going up again. Michael van de Poppe, a well-known crypto expert, says that the price of ETH could double by the end of the year.
