Ethereum Weekly ETF Flows Flip Positive as Bitcoin ETFs See Red

• Ethereum ETFs saw their first week of positive net outflow since launch,
• Bitcoin ETF inflow/outflows have been minor compared with previous weeks.
• BlackRock’s Ethereum ETF has over $900 million in net inflows.

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 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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