Despite the recent launch of various Ether futures-based exchange-traded funds (ETF), Ethereum (ETH) investment products struggled to attract significant inflows.
The latest weekly report from CoinShares reveals that these ETFs received only $10 million in investments, indicating a low demand for Ethereum among investors. In contrast, when a similar futures ETF was launched for Bitcoin last year, it received up to $1 billion in investments during its first week.
CoinShares’ senior analyst James Butterfill suggests that the underperformance of Ether-based ETFs could be linked to the overall lack of investor interest in digital assets at present.
Last week, several futures-based Ethereum ETFs were launched by different asset managers in the U.S., including Valkyrie, VanEck, ProShares, Bitwise, Kelly, and VolShares. However, these ETFs only generated around $2 million in trading volume on the first day of their launch, as reported by CryptoSlate.
Bitcoin and Solana continue to dominate
On the other hand, investment products for Bitcoin (BTC) and Solana (SOL) maintained their dominant position. Last week, digital assets investment products saw $78 million in inflows, and ETPs’ trading volumes increased by 37% to reach $1.13 billion.
According to CoinShares, BTC products received $43 million in inflows, with the positive price performance of the asset enticing some investors to add $1.2 million to their short-bitcoin positions. Additionally, the trading volume of the top cryptocurrency on trusted exchanges rose by 16%.
BTC reached a peak price of $28,410 over the past week and has been trading near the $28,000 mark.
Meanwhile, Solana experienced its largest weekly inflow of $24 million since March of last year and continues to be the preferred altcoin for investors, despite the recent launch of Ethereum ETFs.
In terms of geographical distribution, CoinShares noted that European investors contributed to 90% of the inflows, while Canadian and U.S. investors remained cautious, with a combined contribution of $9 million to the recorded inflows during the previous week.
The article Ethereum futures ETFs launch to tepid demand; Bitcoin and Solana remain favored investment products was originally published on CryptoSlate.