According to BlockBeats, on July 24, QCP Capital reported through its official channel that the net inflow for the first trading day of the U.S. ETH spot ETF was $107 million. This figure is significantly lower than the $655 million net inflow recorded on the first trading day of the BTC spot ETF. The primary reason for this disparity is the net outflow of $484 million from Grayscale’s ETHE.
Despite the challenges faced by the ETH market, QCP Capital remains optimistic. They highlighted that BTC reached an all-time high two months after the launch of its ETF, setting a compelling precedent. The firm expects institutional interest to persist, potentially driving ETH’s price closer to its historical peak. Additionally, they anticipate a decrease in ETH volatility over the weekend.