Ether ETFs Fail to Inspire Bitcoin-Like Euphoria as Withdrawals Continue

A little over a month has passed since the highly anticipated US debut of Ether ETFs, but investors still lack enthusiasm, with much less euphoria surrounding them as compared to Bitcoin ETFs.

Investors appeared to be losing interest in ether exchange-traded funds on Monday as the funds saw withdrawals for the eighth day in a row.

In contrast, withdrawals from bitcoin ETFs paused last week, even as the digital asset slipped further.

Ether ETFs began trading on March 13 to muted fanfare, a far cry from the enthusiasm that greeted bitcoin ETFs when they debuted in October.

While bitcoin ETFs attracted billions of dollars in a matter of days, ether ETFs saw net withdrawals of millions of dollars in the first three weeks of trading, largely due to the Grayscale Ethereum Trust, which converted into an ETF from an existing fund from which investors have been pulling out.

According to Bloomberg Intelligence, US spot ether ETFs had a net withdrawal of $1 million from investors on Thursday.

Moreover, the trading volume for ether ETFs was the lowest it has been since they launched.

Still, the ETF withdrawals will only impact a small portion of the market, considering ETF funds make up about 2% of ether's market value.

On Friday, ether rose as much as 4% to $2,730, buoyed by a rally in global markets following Powell's comments.