Ethereum ETFs are running mostly neutral despite negative outflow data.
(Photo by Ramin Talaie/Corbis via Getty Images)
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Key Takeaways
Grayscale’s Ethereum ETF represents a majority of outflow figures.
BlackRock’s Ethereum ETF is to begin trading on Brazilian stock markets today.
Ethereum has lost roughly $300 million from its market cap in the last 24 hours.
U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) are pushing toward a two-week exit streak as they post yet another day of cumulative net outflows.
Ethereum ETFs
As per data from SoSoValue, Ethereum ETFs have posted net outflows of $3.45 million for Aug. 27, 2024, marking day 9 of exits.
Ethereum ETF flows. Source: SoSoValue
Up top, with a net inflow of $3.88 million, is the Fidelity Ethereum Fund (FETH), which now has a cumulative net inflow of $391.64 million.
The fund ranks second for total inflows, though it is still some $600 million behind BlackRock’s iShares Ethereum Trust (ETHA).
Close behind is the Bitwise Ethereum ETF (ETHW), which garnered $1.86 million in net inflows, bringing the fund’s cumulative inflow to $314.02 million.
Although it is ranked third for total inflows, a majority of this figure was captured on day one of trading, when ETHW saw $204 million in net inflows. Since then, it hasn’t seen a daily inflow above $30 million.
The Grayscale Ethereum Trust (ETHE) has now reached day 11 of its outflow streak, posting $9.18 million in exits from the fund. ETHE’s cumulative net outflows are now $2.55 billion.
Neutrality and Outflows
Ethereum ETF trading volumes have taken a nosedive. On Aug. 27, just $129.95 million was traded in a fresh market with net assets totaling $7.18 billion.
Having started off with $10.24 billion in net assets and over $1 billion in value traded on its first day, ETH ETF appetite may have peaked for now.
This could be a moment of HODL for the institutions, as the outflow rates are largely down to Grayscale’s endless outflows.
BlackRock’s ETHA, the best-performing ETH ETF by cumulative net inflow, has seen neutral flows for five consecutive days. This is despite the fund seeing the most value traded, $43 million, on Aug. 27.
Again, if you were to remove Grayscale’s ETHE from the picture, the ETH ETF market is up by more than $2 billion. However, investor confidence may be low as the ETH token struggles to retake key price levels.
Ethereum (ETH) Price
ETH is trading at $2,475, declining approximately 8% in the past 24 hours and shedding approximately $300 million from its market cap.
Having taken yet another dip below $60,000, Bitcoin appears to have dragged the market down with it, almost erasing gains made by ETH bulls this week. Some optimistic traders believe that the bottom will hit this week.
BlackRock’s Brazil ETF
In an interesting turn of events, local media reports that BlackRock is to begin listing ETHA on the Brazilian stock market today, roughly four months after its Bitcoin ETF was approved for trading.
Nicolas Gomez, head of ETFs at BlackRock for Latin America, said: “The launch of ETHA39 now allows investors to have access to the two largest cryptocurrencies by market cap,” adding that there is a “robust demand” in the Brazilian market.
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.
