U.S. spot ether ETFs lost $955M from October 1 to 16, according to Farside Investors—more than bitcoin ETFs (-$615M) over the same period. $ETH
The chart shows two different regimes. On the ether side, 13 of the last 14 sessions have been in the red since September 29. There was just one inflow (+$24.8M on October 13), for a total of -$1.02B. On the bitcoin side, flows have alternated: +$175.7M on October 13, then -$261.4M on October 14 and -$82.4M on Friday.
Three figures to measure the gap:
1. October’s outflows amount to 7.4% of everything ETH ETFs have collected since launch ($12.97B net), compared with 1.1% for BTC ETFs ($56.95B).
2. At BlackRock, ETHA lost $796M this month while IBIT gained $190M. Same issuer, opposite flows.
3. On Binance, ETH fell 9.8% between the September 30 and October 16 closes, compared with 2.4% for $BTC . The ETH/BTC ratio closed at 0.02965 on October 14, its lowest level since August 18.
My take: this isn’t a wholesale flight from crypto, but rather an internal reallocation. Investors are holding on to BTC and reducing their ETH exposure, with no near-term catalyst specific to ether.
What would change this view, starting with Monday’s next print:
Two consecutive up sessions for ETH ETFs, with ETH/BTC moving back above 0.0300, would weaken the rotation thesis. If outflows continue at this week’s pace (-$320M from October 12 to 16), the ratio could retest early August’s low of 0.02917 at the August 4 close.
Do you see these outflows as a rotation into BTC or as genuine disinterest in ether?
#ETF #Ethereum
The chart shows two different regimes. On the ether side, 13 of the last 14 sessions have been in the red since September 29. There was just one inflow (+$24.8M on October 13), for a total of -$1.02B. On the bitcoin side, flows have alternated: +$175.7M on October 13, then -$261.4M on October 14 and -$82.4M on Friday.
Three figures to measure the gap:
1. October’s outflows amount to 7.4% of everything ETH ETFs have collected since launch ($12.97B net), compared with 1.1% for BTC ETFs ($56.95B).
2. At BlackRock, ETHA lost $796M this month while IBIT gained $190M. Same issuer, opposite flows.
3. On Binance, ETH fell 9.8% between the September 30 and October 16 closes, compared with 2.4% for $BTC . The ETH/BTC ratio closed at 0.02965 on October 14, its lowest level since August 18.
My take: this isn’t a wholesale flight from crypto, but rather an internal reallocation. Investors are holding on to BTC and reducing their ETH exposure, with no near-term catalyst specific to ether.
What would change this view, starting with Monday’s next print:
Two consecutive up sessions for ETH ETFs, with ETH/BTC moving back above 0.0300, would weaken the rotation thesis. If outflows continue at this week’s pace (-$320M from October 12 to 16), the ratio could retest early August’s low of 0.02917 at the August 4 close.
Do you see these outflows as a rotation into BTC or as genuine disinterest in ether?
#ETF #Ethereum