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Ether outpaces bitcoin as US spot ether ETFs add $96 million

Inflows were concentrated in BlackRock’s low-fee ether ETFs, while Grayscale’s higher-fee ether trust continued to see outflows.

Reported · Written up by our desk · Bitcoin

Ether outperformed bitcoin over the past week as inflows into U.S. spot ether ETFs accelerated, with $96 million added in the first three days, according to CoinDesk. CoinDesk reported the buying was heavily concentrated in BlackRock’s lower-fee ether products, while Grayscale’s higher-fee ether trust continued to experience outflows. The outlet also noted the broader rally was not as broad-based, with most other large-cap tokens flat or lower during the same stretch. On trading, ether was around $1,920 on Thursday, up 2.2% on the day and about 11% over seven sessions, CoinDesk said. The report contrasted that with bitcoin at about $64,600, down 0.3% on the day but up 4.2% on the week. CoinDesk attributed part of the ether demand to activity tied to Robinhood Chain, a layer-2 network launched July 1 that uses ether for gas. It said the network had been processing more than $800 million per day in mostly memecoin trading, even as bitcoin’s on-chain data suggested steadier conditions despite volatile ETF flows.

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