If you believed that ether’s (ETH) early-month price crash to $2,000 on some exchanges would drive investors away, think again. Activity in the U.S.-listed spot ETFs indicates that traders have strongly pivoted to ether from bitcoin (BTC).
This month, the nine ether spot exchange-traded funds (ETFs) listed in the U.S. have recorded a cumulative net inflow of $393 million, according to data from Farside Investors. This figure is also seven times larger than the inflows seen in January, as reported by Glassnode. Notably, these funds experienced outflows on only two trading days.
In contrast, the 11 bitcoin ETFs have faced a net outflow of $376 million this month. Sentiment has been so weak that these funds have recorded inflows on just four trading days.
The pivot to ETH is driven by carry trading, which involves purchasing spot ETFs and shorting ETH CME futures simultaneously. Plus, some of the inflows into ETFs could be outright…
