Spot Ethereum ETFs saw one of the worst trading days ever since they commenced trading in the US. On October 7, 2024, Ethereum ETFs experienced a flat trading day, according to data from SoSoValue.
The total amount traded was $118.43 million, making it one of the quieter days on the ETH ETF market.
The lopsided trading session indicated that Ethereum ETFs might not be gaining enough attention as compared to their more popular counterparts, Bitcoin ETFs.
Spot Ethereum ETFs’ Slow Trading Coincides With Falling ETH Price
Ethereum ETFs’ slow trading session came as the price of the second-biggest cryptocurrency by market cap was down over 5% this week, according to data from CoinMarektCap.
Other technical indicators for ETH indicate that the market is now in a bearish mood, with the Fear & Greed Index reading 49 (Neutral). Over the previous 30 days, Ethereum saw 5.22% price volatility and 16/30 (53%) green days.
Also, overall gloomy trading in crypto markets due to ongoing geo-political tensions is diminishing investor appetite, making them less interested in anything but Bitcoin.
Is Ethereum Away From Spotlight?
Ether prices have currently not performed at par with investor expectations. As Reuters once reported, Ether might need a little more time to emerge from behind bitcoin.
In contrast to the widespread excitement that accompanied the introduction of exchange-traded funds correlated with Bitcoin, investors are more circumspect and split about Ethereum ETFs.
Even while the Ethereum ETFs saw net inflows of $107 million on opening day, this only accounted for 16% of the $655 million that the Bitcoin ETFs saw during their debut day.
Will Ethereum ETFs Pick Pace in Future?
Overall, it might take a few more trading sessions for Ethereum ETFs to pick pace again, but the trajectory for all crypto crypto-based ETFs is optimistic as of now.
Market participants at present expect ETH prices to go up in the future. In the coming month, the value of Ethereum is expected to hit the $2,592.66 mark. If this expectation is met, it is likely that even Ethereum ETFs will ascend eventually.
Additionally, an overall rise in the crypto markets can further help Ethereum ETFs rise.