Ethereum

BlackRock

BlackRock is losing the race for <a href="https://yellow.com/asset/eth" rel="noopener noreferrer nofollow">Ethereum</a> ETFs as the asset management giant Fidelity has taken the lead with capital inflows. On October 30, <a href="https://www.cointribune.com/en/ethereum-etf-the-record-figure-that-puts-fidelity-ahead-of-blackrock-and-all-the-others/" rel="noopener noreferrer nofollow">Fidelity announced </a>that it has reached $5 million in Ethereum ETFs despite 2-days of no notable activity.
This highlights a growing interest amongst institutional investors regarding Ethereum. Fidelity flipped BlackRock’s in Ethereum ETFs as the week began on October 28 as its daily inflows exceeded BlackRock's by $2.7 million. This showed the resilience of Fidelity’s products and its appeal to institutional investors as this happened despite 2-days of capital inflows paise.
Earlier this month, BlackRock's <a href="https://yellow.com/news/blackrock-bitcoin-etf-hits-dollar33-billion-trading-volume-institutional-investors-leading-the-btc-surge" rel="noopener noreferrer nofollow">Bitcoin ETF</a> hit $3.3billion trading volume as investment on BTC increased.
This comes at a time when most Ethereum ETF issuers like VanEck, Bitwise, Invesco, 21Shares etc are struggling to draw capital, as seen in the lack of activity in them for 3 consecutive days.
Moreover, crypto industry pioneer Grayscale is going through huge capital outflows as it lost $8.4 million just after an outflow of $19.2 million. As per crypto analysts, this is happening due to high management fees.
Grayscale’s massive withdrawals resulted in the entire Ethereum ETF industry running in negative balance as the net outflow of the sector amounted to $1.1 million. This is in stark contrast with how Ethereum is gaining in the spot market. ETH surged 4.12% to reach $2,629.70 as its trading volume spiked by 48.48% to touch $21.42 billion.
Amidst this volatility, Fidelity has been relatively stable since October 10 as it alternated between zero flows and moderate inflows which ultimately paid off against its competitors in this struggling time. This has cemented Fidelity's position in the Ethereum ETF market.
The rise of Fidelity shows how the ETF market is evolving towards institutional expertise and reputation to drive investors' choices. With the market further maturing, investors will keep an eye on Fidelity's capacity to maintain this positive trend.
As of October 31 morning, <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum is trading</a> at $2632 down 1.30% in the last 24 hours while its trading volume has decreased 0.39% to stand at $20.91 billion. The market cap of ETH is at $316.82 billion, down by 1.32%

Fidelity Flips BlackRock in Ethereum ETFs As the Market’s Net Outflow Hits $1.1 Million

Yellow News

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