Spot Ethereum ETFs See 5.8M USD Net Inflows After Period of Outflows – Will Ethereum Surge?
2 min readAfter nine consecutive days of inflows, Ethereum spot exchange-traded funds (ETFs) have finally shown some positive movement. On August 29, 2024, a net inflow of 5.8 million USD was recorded, marking a welcome change in the recent trend.
The 5.8 million USD net inflow seen by Ethereum Exchange-Traded Funds (EFTs) was the first positive move after nine consecutive days of net outflows.
Among major players in the crypto sector, BlackRock’s ETHA ETF saw the largest inflow, with 8.4 million USD. This was followed by Fidelity’s FETH ETF with 1.3 million USD inflow, contributing to the overall positive net flow.
Grayscale’s ETHE ETF, on the other hand, underperformed , experiencing 3.8 million USD in outflows, reflecting some continued selling pressure despite the broader trend.
Ethereum spot ETF had a total net inflow of $5.8447 million on August 28, the first net inflow after net outflows in the past 9 days. Grayscale ETF ETHE had an outflow of $3.8112 million, BlackRock ETF ETHA had an inflow of $8.3967 million, and Fidelity ETF FETH had an inflow of…
— Wu Blockchain (@WuBlockchain) August 29, 2024
Ethereum records longest outflow period
The recent positive inflow comes after the longest outflow period since the funds launched last month. The cumulative effect of these inflows has brought the total net flow into Ethereum ETFs within the first five weeks of their launch to nearly 500 million USD.
Analysts at JP Morgan had expected weaker flows for Ethereum ETFs compared to Bitcoin ETFs, citing lack of staking and lower liquidity as contributing factors.
They pointed to factors such as a lack of staking options, but many traders are looking for the best staking coins , and lower liquidity as possible causes. Bitcoin spot ETFs were also under pressure, with a total net outflow of 105 million USD on Wednesday. Grayscale’s GBTC and ARKB were the biggest losers.
To be specific, Grayscale ETF GBTC saw 7.9796 million USD in outflows, followed by Grayscale mini ETF BTC with 8.7716 million USD and ARKB with 59.27 million USD.
