According to the latest digital asset fund flows report by CoinShares, Bitcoin saw $519 million in inflows, while Ethereum witnessed $285 million in outflows. Month-to-date, BTC saw inflows of $3.6 billion and year-to-date inflows have reached $19 billion.
The fund flows are also reflected in the price movements of each asset. BTC is inching closer to the $70,000 level, rallying nearly 11% in the last two weeks and more than 14% over the previous month.
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Ethereum, on the other hand, has rallied 1.2% in the last two weeks and 0.1% in the previous month. CoinShares’ report highlights that the ETH ETF saw $2.2 billion in inflows but the asset witnessed significant selling.
Will Ethereum catch up to Bitcoin’s pace?
BTC’s recent surge is likely due to a recent speech by Donald Trump at the 2024 Bitcoin conference. Trump made some bullish comments at the conference. His comments have led to speculation of a possible BTC reserve policy in the US if he is elected President.
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The Ethereum ETFs did witness significant inflows but did not match that of Bitcoin’s ETF launch earlier this year. ETH saw significant outflows bringing the net flows to a negative $285 million.
According to the data on CoinCodex, ETH’s price will consolidate at around current levels for the time being. The asset will hit a high of $3472.62 on Aug. 11, 2024, and continue trading at around that level for the rest of the month. On the other hand, CoinCodex predicts Bitcoin to hit a new all-time high, surpassing the $89,000 level in August.
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Going by CoinCodex’s analysis, Ethereum will not catch up to Bitcoin’s pace anytime soon.