Ethereum ETFs Post $3M in Outflows as Markets Bounce Back

• Ethereum ETFs have seen cumulative net outflows of $390 million.
• Bitcoin ETFs bagged $192 million in net inflows on Aug. 8, 2024.
• Grayscale’s primary Ethereum ETF has seen $2.25 billion in cumulative net outflows.

U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) have posted just a few million in net outflows as the markets appear to be returning to health.

With ETH pushing back above $2,500, institutional investors appear to be biding their time for the perfect market entry.

Ethereum ETFs

According to data from SoSoValue , Ethereum ETFs have posted their second consecutive net outflow, shedding just $2.87 million on Aug. 8, 2024.

Once again, BlackRock’s iShares Ethereum Trust (ETHA) is up top, with a net inflow of $11.74 million, marking the second-lowest day of inflows for the fund. Fast approaching the $1 billion mark, ETHA has seen a cumulative net inflow of $881.62 million.

Grayscale’s Mini Ethereum Trust (ETH) also seems to be gaining traction, posting a modest $5.02 million in net inflows. Not far behind is the Bitwise Ethereum ETF (ETHW), with a small but not insignificant net inflow of $2.78 million.

Outflows Slow

As for outflows, Fidelity’s Ethereum Fund (FETH) shed $2.58 million. Notably, this would be FETH’s first day of outflows since launching. The FETH fund is the second-best performing, with a cumulative net inflow of $337.81 million.

As ever, the Grayscale Ethereum Trust (ETHE) saw outflows of $19.83 million, the lowest day since the fund launched, albeit the thirteenth consecutive day of outflows for ETHE.

Though some had anticipated Grayscale’s fund bleeding out all its assets in a matter of weeks, outflow rates have slowed considerably in recent days. That said, so have inflow rates, which are largely attributed to overall market conditions in both crypto and traditional stock markets.

Ethereum Price

After the crypto market shakeout on Aug. 2 caused the price of ETH to drop below the $3,000 mark, bearish conditions took hold of the market. This pushed ETH to a low of around $2,220 before the bulls found the strength to rally behind the token and push it back up above $2,500.

CCN analysis suggests that ETH may have bottomed out during the market decline. Should ETH reach a target price of $2,850, it could signal the end of the correction, though a long-term downtrend is still on the cards.

Institutional investors aren’t jumping on the discounted ETH as many bullish observers would have hoped. However, that could all change if some semblance of stability returns to the markets.

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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