Wall Street now features a banner from Bitwise Asset Management promoting one of the nine newly launched spot Ethereum ETFs.
Just days after its Ethereum ETF began trading, Bitwise Asset Management unveiled a prominent banner for its ETH fund on the New York Stock Exchange. The banner, reading “ETHW, Bitwise Ethereum ETF,” highlights the company’s effort to market its spot ETH exchange-traded fund (ETF).
“Bitwise Ethereum ETF banner going up outside the iconic facade at the New York Stock Exchange this evening,” tweeted Teddy Fusaro, President of Bitwise Invest, along with a video of the banner being unfurled.
This strategic marketing move comes amidst significant outflows in the Ethereum ETF market, though Bitwise’s fund has not been affected. Recent data on ETH ETFs shows a mixed investor sentiment and fund flow landscape. On July 25, Ethereum spot ETFs saw a total net outflow of $152 million. The Grayscale Ethereum Trust (ETHE) bore the brunt, with $346 million in outflows, likely due to its 2.5% fee, which is substantially higher than its competitors.
Since the Grayscale Bitcoin Trust (GBTC) started trading as a spot Bitcoin ETF in January, it has seen over $15 billion in outflows. The recent exodus from ETHE brings its historical net outflow to $1.2 billion, indicating ongoing challenges for Grayscale. However, there are positive signs as well. The Grayscale Ethereum Mini Trust ETF (ETH), with a minimal 0.15% fee, attracted $58 million in inflows, countering the broader trend.
Meanwhile, BlackRock’s iShares Ethereum Trust (ETHA) drew $71 million in new investments on Thursday, showcasing sustained investor interest in certain ETH-based products.
