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On August 28, the Ethereum Exchange Traded Funds (ETFs) in the U.S. made a significant comeback, recording a total net inflow of $5.8 million. This positive turn marks the conclusion of nine days of continuous net outflows.
This notable shift signifies that institutional and retail investors recognize the benefits of holding Ethereum through an ETF structure. So far, Ethereum is potentially considered a safeguard against the volatility in the wider virtual asset market.
BlackRock’s ETHA Record the Highest Inflow
SosoValue data revealed that BlackRock’s ETHA led the pack with the highest inflow on August 28. The leading crypto asset issuer saw a net inflow of $8.4 million in its digital investment product. Notably, BlackRock has been at the forefront of the ETF market, with its Ethereum ETF and Bitcoin ETF inflows attracting significant attention from investors since their debut.
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Fidelity’s FETH followed BlackRock with an inflow of $1.26 million. On the other hand, certain ETF issuers like Grayscale Ethereum Trust (ETHE) experienced a net outflow of $3.81 million. Generally, the nine-spot Ethereum ETFs saw a trading volume of $151.57 million, notably lower than the $900 million seen in late July.
Ethereum ETFs Sets Record with Lengthy Outflow Streak
The recent net outflows stretched for nine days, marking the lengthiest outflow streak since the digital funds were initially introduced. These outflows have resulted in Ethereum ETFs experiencing a total net flow of nearly $500 million.
Market watchers and analysts had expected weaker flows for Ethereum ETFs than Bitcoin ETFs due to factors like the absence of staking and lower liquidity.
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Trading veteran Peter Brandt recently predicted a potential Ethereum (ETH) price crash below $2,000. If such a significant price drop occurs, it may increase volatility and potential outflows from Ethereum ETFs as investors react to the market conditions.
Bitcoin ETFs See Ongoing Outflows
In a twist of an event, the U.S. Bitcoin ETFs experienced notable net outflows, totaling $105.19 million. ARKB led the outflows with $59.27 million, followed by FBTC with $10.37 million, and VanEck’s fund with $10.07 million.
BITB, Grayscale’s mini Bitcoin trust, and GBTC also saw net outflows of around $8 million each. BlackRock’s IBIT, the largest spot Bitcoin ETF and five other Bitcoin ETFs, reported zero flows on August 28. This massive outflow was after the digital investment funds recorded a robust inflow of $202.51 million on August 27.
