Ethereum ETFs Among Top Weekly Canadian Performers
Ethereum is the second-largest cryptocurrency and is poised to introduce several network upgrades next year meaning investors are salivating at the prospect that Ethereum might surpass Bitcoin.
Investors are growing increasingly bullish on cryptocurrencies after a period of volatility instigated by rumbling regulatory threats and the emergence of the Omicron variant of Coronavirus. In particular, application-backed cryptocurrencies such as Ethereum (which is widely used in the creation of ‘smart contracts’ – self-executing agreements that embed the agreement between buyer and seller directly into lines of code) have bounced back strong. With a market capitalization of about $607 Billion CAD, Ethereum is the second-largest cryptocurrency and is poised to introduce several network upgrades next year meaning investors are salivating at the prospect that Ethereum might surpass Bitcoin as the world’s most popular cryptocurrency. Ethereum ETFs were consequently been among the top performers in the Canadian market last week and Canadian investors looking to access the trend have a variety of ETFs that track the price of Ethereum to choose from. However, not all cryptocurrency ETFs follow the same approach, meaning investors need to carefully consider the strategy and replication methodology before investing. Leading the rally is the Evolve Ether ETF (ETHR) which gained 10.4% last week, followed by the CI Galaxy Ethereum ETF (ETHX) which rose just 2.8% over the week, and the Purpose Ether ETF (ETHH), which gained 2.6%. Cryptocurrency ETFs in Canada saw combined inflows of $161 million last week – making it the most bought theme in Canada. Ethereum ETFs have been some of the best performing Canadian-listed ETFs of 2021 with investors having bought $4.9 billion of cryptocurrency ETFs YTD.
