- Ethereum ETFs have seen their first run of consecutive inflows.
- The positive run has seen BlackRock’s ETHA clinch new milestones.
- Ether ETFs are another step closer to achieving positive net inflows following the recent inflows.
Over the past few days, a rollercoaster of emotions has coursed through crypto as macroeconomic headwinds have sent panic across risk markets.
Amid the chaos, however, investors in spot ether ETFs have shown incredible resilience. Despite a 30% drawdown that at one point saw the asset erase all its gains for 2024, these investors have continued to pile funds into the ETFs.
Ether ETF Inflows Gather Momentum
Spot ether ETFs have continued their good form. On Tuesday, August 6, these products raked in over $98 million in inflows, setting a new record for their second-highest inflow day and marking the first time the funds have seen a consecutive run of inflows, as they had hauled in $49 million the day before.
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On Tuesday, the most significant inflows came from BlackRock’s ETHA with a staggering $110 million, bringing total inflows into the product since launch to about $870 million in just 11 days of trading, making it one of the top ten performing ETFs in 2024.
Beyond BlackRock’s ETHA, Fidelity’s FETH, Grayscale’s mini ether ETF ETH, and Franklin Templeton’s EZET also saw inflows of $22.5 million, $4.7 million, and $1 million, respectively.
With recent inflows, spot ether ETFs continue to edge closer to total net positive flows.
Ethereum ETFs to Achieve Net Positive Inflows Soon?
To achieve net positive inflows, Ethereum proponents would want Grayscale’s ETHE ETF outflows to continue declining while positive investor sentiment rises.
Following Tuesday’s inflows, the net outflows from spot ether ETFs have reduced to $364 million from $462 million the day before as inflows continue to outpace outflows from Grayscale’s larger ether ETF ETHE.
ETHE’s outflows have declined steadily over the past seven trading days, with Tuesday’s flows marking another low. The fund only lost about $40 million worth of assets compared to $47 million on the previous trading day.
On the Flipside
- Total flows to spot Ethereum ETFs remain negative.
- ETH’s price has failed to show any significant reaction to recent inflows, holding steady around the $2,400 price point after a decline to as low as $2,100 during the weekend crash.
Why This Matters
The continued inflows into spot Ethereum ETFs suggest a strong belief in ETH’s value proposition among institutional investors despite overarching market concerns.
Read this for more on Ethereum:
Ether ETFs See Second Highest Inflow Day Despite Market Crash
Learn about the Starknet Foundation’s recent organizational shake-up:
Starknet Shakes up Its Executive Ranks: Here’s What You Need to Know
