TL;DR
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The ETH ETFs launched on Tuesday, seeing a net-inflow of $107M, and ETH’s price stayed flat — but value accrual takes time, two days ain’t enough to prove anything.
Full Story
So the Ethereum ETFs launched on Tuesday, seeing a net-inflow of $107M, and ETH’s price…stayed flat?
We have two trains of thought on this:
Both start here:
Ethereum is a $410B asset — $107M of ETF inflows isn’t going to immediately drive the price to new all-time highs.
It’s gonna take time, and each day of ETF inflows will be offset by the sell pressure coming from the broader market.
Cynical thought:
Yes, but…maybe investors don’t quite know how to price Ethereum?
There are thirty nine layer 2 (L2) projects that integrate with Ethereum, each with their own token (and each incentivizing users/investors to buy/transact with their native token, instead of ETH).
These L2’s pay rent to Ethereum, but it’s low.
(E.g. On June 1st, Base generated $94,357 in fees, and paid $900.04 to Ethereum — or roughly 0.95%)
From a certain angle, it might look like value accrual is being pulled away from the ETH token, and into a range of L2 tokens.
…so why buy the ETH ETF if the Ether token is having its value leeched away?
Logical thought:
It’s WAY too early to judge weather the above theory is a) valid, and b) the cause of ETH’s flat price.
We’re only two days in, and there are multiple factors outside of the ETFs that affect Ethereum’s price day-to-day.
Plus, building an L2 on Ethereum means benefiting from the network’s millions of users from day one.
…and all you have to pay to Ethereum is 0.95% of your network fees??
That’s a bargain! And it’ll likely attract a whole bunch of new developers, who will be paying more and more fees back to Ethereum as their projects grow.
(Smaller piece of a larger pie n’ all that).
The takeaway:
We’re all going to have to hurry up and wait to see how the ETFs will affect Ethereum.
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