Ethereum Weekly ETF Flows Flip Positive as Bitcoin ETFs See Red

U.S. spot Ethereum (ETH) and Bitcoin (BTC) exchange-traded funds (ETFs) saw mixed results last week, but the overall picture was positive.

Though market uncertainty persisted and perhaps suppressed further price action, institutional investors were also meandering, which saw one of the quietest weeks for crypto ETFs since they launched.

Ethereum ETFs

As per data from SoSoValue, Ethereum ETFs saw their first week of net inflows, bagging $104.76 million between Aug. 5 and Aug. 9, 2024.

The news comes despite Ethereum ETFs seeing three consecutive days of net outflows in the latter half of the week. That said, it was the slowest week in terms of total value traded, recording just $1.87 billion, down from $2.58 billion the week prior.

Since its launch, BlackRock’s iShares Ethereum Trust (ETHA) has been the top performer, netting over $900 million. Fidelity’s Ethereum Fund (FETH) stands second with a net inflow of $341.7 million. In third place, Bitwise Ethereum ETF (ETHW) has recorded $299.66 million in net inflows, $204 million of which were posted on the first day of trading.

Interestingly, only two funds have recorded net outflows since their launch. FETH has seen just one day of outflows totaling $2.58 million. Meanwhile, the Grayscale Ethereum Trust (ETHE) has experienced $2.3 billion in exits over 14 consecutive days.

Bitcoin ETFs

Data provided by SoSoValue shows that Bitcoin ETF outflows totaled $169.03 million for the week, one of their lowest levels since launching in January 2024.

Similarly to Ethereum ETFs, Bitcoin funds saw considerably lower inflow/outflow rates than usual. Some of last week’s standouts were the WisdomTree Bitcoin Trust (BTCW), which posted $118.52 million in net inflows on Aug. 8, its largest day of inflows.

BlackRock’s iShares Bitcoin Trust, on the other hand, continued to lead the charge, adding $219.76 million to its $20.32 billion cumulative net inflows. Grayscale’s Bitcoin Trust (GBTC), however, saw its 30th week of net outflows, shedding $391.82 million, bringing the fund’s cumulative net outflows to near the $20 billion mark.

The Week Ahead

Observers would expect a downturn in the price of BTC and ETH to spark a buying frenzy from ETF-hungry institutions, but this hasn’t happened—at least not yet—and institutions may be anticipating further price declines.

After holding $60,000 for four days in a row, BTC was hit by another string of liquidations totaling $155.25 million, dropping the crypto king by just over 4%.

Meanwhile, ETH has been mostly trading sideways. It has failed to break through and retain a spot above the $2,700 price tag for two months now and is down 15% for the past month. That said, ETH may be making a small comeback, posting over 10% gains in the last seven days.

About the Author

Eddie Mitchell

Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.

Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.

Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.

A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.

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