Ethereum and bitcoin funds were last week’s best performing ETFs, largely surging by double digits during a week in which crypto prices sunk in what may have been a case of investors gearing up for bitcoin halving and the Securities and Exchange Commission’s decision whether or not to approve a spot Ethereum exchange-traded fund.
Eight of the top 10 best performing ETFs last week were digital currency funds, largely led by Ethereum futures funds. The best performing fund was the nearly $70 million ProShares Ether Strategy ETF (EETH), which gained 12% last week. The Ark21Shares Active Ethereum Futures Strategy ETF (ARKZ), was also up 12%, along with the Bitwise Ethereum Strategy ETF (AETH). ARK’s combined bitcoin and ethereum futures fund, the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY) was up 11%, according to etf.com data.
Inflows last week were led by the $2.79 billion that went into the Vanguard 500 Index Fund (VOO) while outflows were topped by the $2.69 billion that flowed from the iShares Core S&P 500 ETF (IVV)
The two largest cryptocurrencies have been down over the past week, according to database CoinMarketCap.com. Ethereum is down 17% and Bitcoin fell 12% over the past week, according to the site.
While multiple issuers have filed for a novel spot ethereum exchange traded fund, which would directly hold ethereum as opposed to ether futures contracts, the price move seems unrelated to the SEC approval process, according to analysts. The SEC’s next deadline is in May, but analysts are pessimistic about the vehicles’ approval by the May deadline.
Also, bitcoin halving is expected this week.
The price of bitcoin has risen over 50% this year so far, partially on the approval of 10 spot bitcoin ETFs in mid-January. Since then, assets in those ETFs have reached about $60 billion.
Two carbon allowance ETFs, the iPath Series B Carbon ETN and the KraneShares European Carbon Allowance Strategy ETF, also rose roughly 10% last week.
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded
| Ticker | Name | Weekly Performance | Weekly Volume | AUM ($, 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 |
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
Source: https://www.etf.com/sections/weekly-etf-flows/ether-bitcoin-etfs-topped-last-weeks-best-performers
