ETH ETFs’ 6-Day Slide Continues: Fidelity’s $14M Inflow Fails to Offset Grayscale Outflows

• Grayscale’s primary ETH ETF has seen $2.52 billion in outflows.
• ETH ETFs have seen $2 billion in cumulative net inflows if you exclude Grayscale.
• Trading volumes were below $100 million for the first time.

U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) are now on their longest outflow streak since launching, with no thanks to Grayscale.

Ethereum ETFs

Per data from  SoSoValue, Ethereum ETFs have posted their quietest day of trading yet, recording just $874,610 in net outflows on day six of their outflow streak.

It’s been a pretty good month for Fidelity’s Ethereum Fund (FETH), which leads the pack today with net inflows of $14.33 million. The funds’ cumulative net inflows now stand at $389.76 million,

Coming in second is the Grayscale Ethereum Mini Trust, which built on yesterday’s small success with a net inflow of $3.68 million. This brings its cumulative net inflows to $235.76 million.

Trailing just behind is the VanEck Ethereum Trust (ETHV), which has posted its first day of net inflows since Aug. 5, bringing the fund’s cumulative net inflow up to a modest $61.05 million.

Finally, Grayscale’s Ethereum Trust (ETHE) saw $19.84 million in outflows amid an 8-day outflow streak. This raises its net outflows to a dire $2.52 billion. The fund now holds $4.75 billion in net assets and could run to zero if it fails to capture any inflows.

A Big Success

Despite the rather dominant trend of outflows, trading volumes are very low. Just $93.87 million traded hands on Aug. 22, another record-low for the ETH ETF market. It’s the first time that trading volumes have fallen below $100 million.

If you remove Grayscale from the picture, ETH ETFs have actually seen over $2 billion in cumulative net inflows, which combined would position the funds as a top-four ETF launch for this year.

This was also pointed out by ETF Store president Nate Geraci , who reiterated that this year’s top ETF launches are all spot Bitcoin ETFs, with BlackRock’s iShares Ethereum ETF (ETHA) being a top seven on its own.

ETH Price

Besides ETF, Ethereum is beginning to show signs of life and is trading at $2,673, up 2.18% for the week and a modest 1.36% for the day.

After a rather bumpy week in which bulls struggled to keep it above $2,600, it appears as though the token remains in a significant consolidation phase.

Having continued to trade sideways, analysis suggests that a move above $2,800 would be significant and potentially flip the sentiment to bullish in the short term.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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