Overview of Last Week's ETF Performance
Last week witnessed Ethereum and Bitcoin funds leading the charge as the best-performing ETFs, with many surging by double digits. This impressive performance occurred despite a downturn in cryptocurrency prices, possibly driven by investor anticipation of the upcoming Bitcoin halving and the SEC's pending decision on a spot Ethereum ETF.
Key Highlights:
- 8 out of the top 10 ETFs were digital currency funds, primarily Ethereum futures ETFs.
- ProShares Ether Strategy ETF (EETH) topped the list with a 12% gain.
- Other notable performers included ARK21Shares Active Ethereum Futures Strategy ETF (ARKZ) and Bitwise Ethereum Strategy ETF (AETH), both up 12%.
Inflows and Outflows: A Snapshot
- Top Inflow: Vanguard 500 Index Fund (VOO) attracted $2.79 billion.
- Top Outflow: iShares Core S&P 500 ETF (IVV) saw $2.69 billion leave.
Cryptocurrency Market Trends
Despite the ETF gains, the underlying cryptocurrencies faced declines:
- Ethereum: Down 17% over the past week.
- Bitcoin: Fell 12% in the same period.
Spot Ethereum ETFs: What’s Next?
Several issuers have filed for spot Ethereum ETFs, which would hold Ethereum directly rather than futures contracts. However, analysts suggest the recent price movements are unrelated to the SEC’s approval process. The SEC’s next deadline is in May, but approval seems unlikely by then.
Bitcoin Halving and Market Impact
The Bitcoin halving is expected this week, a significant event that historically influences Bitcoin's price. Notably:
- Bitcoin has surged over 50% this year, partly due to the approval of 10 spot Bitcoin ETFs in January.
- Assets in these ETFs have since grown to approximately $60 billion.
Other Notable Performers
Two carbon allowance ETFs also saw significant gains:
- iPath Series B Carbon ETN (GRN): Up ~10%.
- KraneShares European Carbon Allowance Strategy ETF (KEUA): Also rose ~10%.
Top 10 Weekly ETF Performers
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, mm) |
|---|---|---|---|---|
| EETH | ProShares Ether Strategy ETF | 11.99% | 195,730 | 69.11 |
| ARKZ | ARK 21Shares Active Ethereum Futures Strategy ETF | 11.65% | 39,434 | 15.13 |
| AETH | Bitwise Ethereum Strategy ETF | 11.59% | 33,678 | 13.53 |
| ARKY | ARK 21Shares Active Bitcoin Ethereum Strategy ETF | 10.71% | 8,812 | 5.38 |
| BTF | Valkyrie Bitcoin and Ether Strategy ETF | 10.56% | 165,507 | 58.34 |
| KEUA | KraneShares European Carbon Allowance Strategy ETF | 10.46% | 7,770 | 11.99 |
| BETE | ProShares Bitcoin & Ether Equal Weight Strategy ETF | 10.19% | 8,588 | 5.61 |
| BTOP | Bitwise Bitcoin and Ether Equal Weight Strategy ETF | 10.17% | 6,091 | 10.80 |
| GRN | iPath Series B Carbon ETN | 9.96% | 14,689 | 25.27 |
| EFUT | VanEck Ethereum Strategy ETF | 9.89% | 87,583 | 31.89 |
👉 Explore the latest ETF trends
FAQs
Why did Ethereum and Bitcoin ETFs perform well despite falling crypto prices?
Investors may have been positioning for the Bitcoin halving and potential SEC approval of a spot Ethereum ETF, driving ETF prices up independently of the underlying assets.
What is the significance of Bitcoin halving?
The Bitcoin halving reduces the reward for mining new blocks by half, historically leading to increased scarcity and potential price appreciation.
When will the SEC decide on spot Ethereum ETFs?
The next deadline is in May, but analysts are skeptical about approval by then due to regulatory uncertainties.