Ethereum ETF Weekly Flow Turns Positive
13 Aug, 2024 ● Crypto News
Spot Ethereum exchange-traded funds (ETFs) in the United States have experienced their first week of net positive inflows since their debut on July 23.
According to ETF tracker SoSoValue, the nine newly launched U.S.-based spot Ether ETFs recorded overall net inflows of $104.8 million during the week starting on August 5.
It also reported that $1.9 billion in total value was traded, raising the total net assets to $7.3 billion as of August 9.
These inflows occurred despite a significant price drop for the underlying asset, ETH, which has fallen 23% since the beginning of August.
Six of the nine funds had positive net flows for the week, with BlackRock’s iShares Ethereum Trust leading with $188.4 million.
The BlackRock fund has accumulated over $900 million in just 13 days of trading and has not yet experienced a day of outflows.
Its closest competitor, Fidelity's Ethereum Fund, saw $44.65 million in inflows last week, bringing its total to $342 million.
The other four ETFs that recorded inflows last week were Grayscale’s Mini Ethereum Trust with $19.8 million, the VanEck Ethereum ETF with $16.6 million, the Bitwise Ethereum ETF with $11.7 million, and the Franklin Ethereum ETF with $3.7 million.
21Shares Core Ethereum ETF and the Invesco Galaxy Ethereum ETF had zero net flows for the week.
The combined inflows for the nine ETFs could have been significantly higher if Grayscale’s Ethereum Trust had not experienced $180 million in outflows during the week.
The ongoing outflow of assets from Grayscale’s spot Ether ETF, now totaling $2.3 billion, has led to an overall outflow of $406.4 million for all nine funds, as reported by Farside Investors.
In the meantime, ETF issuers are pushing to launch options products for their spot ETH funds.
On August 7, the NYSE American proposed a rule change to allow it to list and trade options contracts for three ETH ETFs from Grayscale and Bitwise.
Sources:
https://cointelegraph.com/news/ether-etf-weekly-flow-hits-positive
