Ethereum isn’t enjoying quite the same hype. ETH funds recorded $135.3 million in outflows in early September. Fidelity’s FETH accounted for most of that, losing $99.2 million, while Bitwise’s ETHW lost $24.2 million. Ethereum ETFs now have a market cap of $29.21 billion, or 5.4% of the coin’s total market cap.
However, that is quite a shift from August, when the inflows into ETH products saw a significant increase to almost $3.9 billion. Analysts say the reversal indicates investors are rotating back into Bitcoin which they consider a safer bet during uncertain times. For Ethereum, issues of scalability and regulation still hang over the short term.