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- Spot Ethereum ETFs pull in $1.83 billion in five days, leaving Bitcoin far behind.
- VanEck CEO Jan van Eck calls Ethereum the Wall Street token as banks prepare for stablecoins.
Ethereum is now drawing more attention from investors as funds linked to the asset leave Bitcoin ETFs far behind. Inflows into Ethereum products have surged in recent days, showing how Wall Street is leaning toward the second-largest cryptocurrency because of its broader use in stablecoins and digital assets.
Ethereum ETFs Outpace Bitcoin
Spot Ethereum ETFs brought in $1.83 billion over the last five trading days, according to CoinGlass. In the same period, Bitcoin ETFs collected only $171 million. On Wednesday, nine Ethereum funds added $310.3 million, while 11 Bitcoin funds managed $81.1 million.
It is worth mentioning that the price action shows this difference. Ethereum gained about 5% from Tuesday’s low, while Bitcoin rose only 2.8%. Analyst Anthony Sassano described the move toward Ether as brutal.
Since they started trading 13 months ago, spot Ethereum ETFs have seen $13.6 billion in total inflows. Most of that has arrived in the last two months. By comparison, Bitcoin ETFs have been trading for 20 months and have brought in $54 billion.
Still, Nate Geraci, the President of NovaDius Wealth Management, said Ethereum ETFs are now close to $10 billion in inflows since July. He pointed out that this pace shows how fast investor preference is shifting.
While this occurred, as discussed in our previous article, Binance whales are heavily accumulating ETH as a result of a potential rally.
Ethereum is Called the Wall Street Token
VanEck CEO Jan van Eck said this week that Ethereum should be seen as “the Wall Street token.” He explained that banks will soon need blockchain systems to handle stablecoin transfers. Essentially, Ethereum holds the largest share of stablecoins and tokenized assets, he believes it will be the leading choice.
VanEck stated that banks will be forced to adjust quickly to the rise of stablecoins. He noted that if financial institutions cannot process these transactions within the next year, customers will turn to other providers that can.
Eric Trump has expressed a similar view on the broader digital asset market. In a recent update, we covered that he warned that banks could face extinction within the next decade if they fail to adopt cryptocurrencies.
VanEck already manages an Ethereum ETF that was approved by the Securities and Exchange Commission in July 2024. The fund tracks the price of Ether and has more than $284 million in assets.
Institutional investors are also building positions. SEC filings show advisers hold $1.3 billion in Ethereum ETFs, with Goldman Sachs the largest at $712 million. Corporations have joined in as well, with treasury firms buying over $6 billion worth of Ethereum this past month.
Notably, Ethereum reached a record high of $4,946 in August before easing. As of writing it is trading at $4,609.04, up by 0.45% in 24 hours. It is worth noting that despite the pullback, strong inflows and rising adoption are cementing Ethereum’s role as Wall Street’s preferred blockchain.
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