Spot Ethereum ETFs Outperform Bitcoin (BTC) Funds as Investors Rally Behind News of Enabled Staking Services

U.S. spot Ethereum exchange-traded funds (ETFs) have outperformed Bitcoin (BTC) funds in a rare day of dominance as investors rally

United States-based spot Ethereum exchange-traded funds (ETFs) have outperformed Bitcoin (BTC) funds in a rare day of dominance as investors rally behind news that U.S. regulators will be able to enable staking services on ETH funds, new data from SoSoValue on Monday, June 12 shows.

It follows news that Solana ETFs could also have staking included ahead of several altcoin ETF launches.

As per the latest figures, Ethereum ETFs are noted to have pulled in $240.29 million in daily total net inflows on June 11, 2024.

This marks their largest day of inflows since February 2 and extends a historic 18-day inflow streak.

At the same time, Bitcoin ETFs saw $164.57 million in inflows as funds struggle to maintain momentum in June.

Although daily inflows have been low in comparison to BTC, the record-setting consistency of ETH ETFs has seen funds draw $699 million in monthly net inflows, their third-highest total this year.

So far in June, Bitcoin ETFs have garnered $853.15 million in net inflows, which is a step down from the billions seen in the months prior.

If crypto ETF flows continue along their current trend, then ETH ETF monthly flows could outpace their BTC counterparts for the first time in 2024.

This possibility arises as the U.S. Securities and Exchange Commission (SEC) has now stated that it will no longer view certain staking activities to qualify as securities.

As a result, it is possible that current and future Ethereum ETF products will have staking services included, potentially unlocking millions, if not billions, in value overnight.

This latest uptick coincides with increasing optimism around the prospect of several spot crypto ETF applications being approved this year.

Indeed, several altcoins such as Litecoin (LTC), Ripple (XRP), and Cardano (ADA) are still awaiting a decision from the SEC.

However, what may come first are the spot Solana ETFs, which could also have staking capabilities included as the SEC requests applicants to update the language around staking within their proposals.

For now, all eyes are on Ethereum ETFs, which now command $11.05 billion in total net assets, which is a staggering 3.25% of ETH’s market cap.