{"id":21856,"date":"2024-06-03T13:00:20","date_gmt":"2024-06-03T10:00:20","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21856"},"modified":"2024-06-03T11:25:34","modified_gmt":"2024-06-03T08:25:34","slug":"spot-ether-etfs-unlikely-to-match-bitcoin-etf-inflows-warns-industry-executive","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-unlikely-to-match-bitcoin-etf-inflows-warns-industry-executive\/","title":{"rendered":"Spot Ether ETFs Unlikely to Match Bitcoin ETF Inflows, Warns Industry Executive"},"content":{"rendered":"<p><strong>Spot Ether (ETH)<\/strong> exchange-traded funds won\u2019t see the same day-one inflow as spot Bitcoin ETFs did, as the asset\u2019s use cases are far more difficult to value, an industry executive warns.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-unlikely-to-match-bitcoin-etf-inflows-warns-industry-executive\/#Challenges_in_Valuing_Ethereums_Use_Cases\" title=\"Challenges in Valuing Ethereum&#8217;s Use Cases\">Challenges in Valuing Ethereum&#8217;s Use Cases<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-unlikely-to-match-bitcoin-etf-inflows-warns-industry-executive\/#Potential_Metrics_for_Evaluating_Ethereum\" title=\"Potential Metrics for Evaluating Ethereum\">Potential Metrics for Evaluating Ethereum<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-unlikely-to-match-bitcoin-etf-inflows-warns-industry-executive\/#SEC_Approval_of_Ether_ETFS_and_Future_Projections\" title=\"SEC Approval of Ether ETF&#8217;S and Future Projections\">SEC Approval of Ether ETF&#8217;S and Future Projections<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Challenges_in_Valuing_Ethereums_Use_Cases\"><\/span><strong>Challenges in Valuing Ethereum&#8217;s Use Cases<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>The spot<strong> Bitcoin ETFs<\/strong> saw<strong> $655.2 million<\/strong> of inflows on the opening day of trading on Jan. 11, exceeding industry expectations at the time.<\/p>\n<p>While <strong>Bitcoin<\/strong> offers a steady store of value use case, the metrics used to value Ethereum\u2019s technology-driven investment use cases are far less clear, Stephen Richardson, Fireblocks\u2019 managing director of financial markets.<\/p>\n<p><em>&#8220;What\u2019s missing is widespread consensus that effectively evaluates the utility or utilization rate of the Ethereum blockchain.&#8221;<\/em><\/p>\n<p><em>&#8220;The right value metrics and drivers need to first be created to be able to assess the adoption or utilization of the technology to then derive its value,&#8221;<\/em> Richardson added.<\/p>\n<p>As a result, <em>\u201cwe\u2019re likely not going to see the same levels of inflows on day one with the Ether ETFs as we saw with the Bitcoin ETFs,\u201d<\/em> he concluded.<\/p>\n<p>Bitwise\u2019s BITB product saw the most inflows on the first day spot Bitcoin ETFs launched at $237.9 million, followed by Fidelity&#8217;s FBTC ($227 million) and BlackRock\u2019s IBIT ($111.7 million), BitMEX Research data shows.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Potential_Metrics_for_Evaluating_Ethereum\"><\/span><strong>Potential Metrics for Evaluating Ethereum<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Discussing how one would evaluate Ethereum, Richardson suggested looking at total value locked, which is a metric that can already be used to value Ethereum and layer 2 blockchains on top of it. However, Richardson hinted that he would like to see more.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/coinbase-accuses-sec-of-choking-crypto-sector-with-enforcement-strategy\/\"><em><span style=\"font-weight: 400;\">This Might Interest You:\u00a0<\/span>Coinbase Accuses SEC of Choking Crypto Sector with Enforcement Strategy<\/em><\/a><\/p>\n<p>VanEck, one of the recently approved spot Ether ETF applicants, recently suggested that transaction volume, the number of users, and validators could be used to assess Ethereum adoption and utilization.<\/p>\n<p>Asked what the strongest one-liner is to convince potential investors on the spot Ether ETFs, Richardson said Ethereum is the <em>\u201cbest bet\u201d<\/em> to dominate the digital native space and bridge more retail and institutional investors on-chain.<\/p>\n<p><em>&#8220;<strong>Ethereum\u2019s<\/strong> value is intrinsically linked to the use cases that are being built on top of it, so investors are making a bet on the utilization of the software itself.&#8221;<\/em><\/p>\n<p>Last week, Markus Thielen, head of research at 10x Research, suggested Ethereum could be pitched as a <em>\u201cnetwork empowering the future of finance.\u201d<\/em><\/p>\n<p>However, Thielen said the revenue Ethereum is producing is <em>\u201cminuscule\u201d<\/em> relative to its $455 billion market cap, which doesn\u2019t mean it is a <em>\u201cviable, sufficiently cash-flow-producing investment.\u201d<\/em><\/p>\n<p>Ethereum\u2019s staking yields are also inferior to United States treasury yields, Thielen added.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SEC_Approval_of_Ether_ETFS_and_Future_Projections\"><\/span><strong>SEC Approval of Ether ETF&#8217;S and Future Projections<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On May 23, the SEC approved 19b-4 applications from VanEck, BlackRock, Fidelity, Grayscale, Bitwise, Franklin Templeton, ARK 21Shares, and Invesco Galaxy to issue spot Ether ETFs.<\/p>\n<p>Those approved must wait until the SEC signs off their Form S-1 filings for the ETFs to start trading.<\/p>\n<p>If that happens, Bloomberg ETF analysts<a href=\"https:\/\/x.com\/EricBalchunas\/status\/1795777989369561135\"> Eric Balchunas<\/a> and James Seyffart expect the ETFs to capture somewhere between 10-20% of the flows that the spot Bitcoin ETFs have seen.<\/p>\n<p>According to Farside Investors, spot Bitcoin ETFs have tallied $13.8 billion in net inflow since the products launched roughly four and a half months ago.<\/p>\n<p>Capturing 15% of that would still see spot Ether ETFs tally a combined $2.07 billion over the same timeframe, which is still impressive by industry standards.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spot Ether (ETH) exchange-traded funds won\u2019t see the same day-one inflow as spot Bitcoin ETFs did, as the asset\u2019s use cases are far more difficult to value, an industry executive warns. Challenges in Valuing Ethereum&#8217;s Use Cases The spot Bitcoin ETFs saw $655.2 million of inflows on the opening day of trading on Jan. 11,<\/p>\n","protected":false},"author":6,"featured_media":20081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[61,5423,105],"class_list":["post-21856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-bitcoin","tag-ether-etf","tag-ethereum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Spot Ether ETFs Unlikely to Match Bitcoin ETF Inflows, Warns Industry Executive<\/title>\n<meta name=\"description\" content=\"Spot Ether ETFs won\u2019t see the same day-one inflows as Bitcoin ETFs due to complex valuation metrics for Ethereum&#039;s use cases, says Fireblocks&#039; Stephen Richardson.\" 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