Ethereum ETFs are still lagging behind Bitcoin ETFs

Bitwise launched two successful crypto ETFs in the US in 2024: a Bitcoin Spot ETF (BITB), which brought in more than $2.76 billion in nine months, and an Ether Spot ETF (ETHW), which in 85 days accumulated more than 250.

Bitwise launched two successful crypto ETFs in 2024 in the US: a Bitcoin Spot ETF (BITB), which drew in more than $2.76 billion in nine months, and an Ether Spot ETF (ETHW), which in 85 days collected more than $250 million so far.

"We can compete with BlackRock and Fidelity," says Matt Hougan, CIO of Bitwise, proudly telling CoinDesk. According to him, the "crypto ETF era" has begun, meaning crypto is increasingly becoming a normal part of investment portfolios.

Despite the relatively slower performance of the Ethereum ETFs, Hougan defends them against criticism: "In the crypto world, many people see Ethereum as outdated tech and would rather talk about Solana, Sui, Monad, Aptos, or something else."

But according to Hougan, they’re missing the bigger picture. Ethereum is the platform for the "leading crypto apps" and could even grow into a "Microsoft of blockchains" in the future.

Since the launch at the end of July, the US Ether Spot ETFs have together lost $541.8 million. This is mainly due to the pricey Grayscale Ethereum Trust, which has already seen nearly $3 billion in net outflows.

Still, Hougan stays long-term optimistic: "I’m genuinely convinced that Ether-ETF inflows in 2025 will be higher than in 2024. And I’d bet that inflows in 2026 will beat 2025."

He notes, however, that there’s a need for more Ethereum education than Bitcoin. At least many Bitwise clients are excited about Ethereum’s future potential.

According to Hougan, crypto adoption isn’t dependent on the outcomes of the US elections: "Crypto assets should perform well regardless of the result."