Ethereum ETFs go quiet, and Grayscale ends its outflow streak.
(Photo by Michael M. Santiago/Getty Images)
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Key Takeaways
Ethereum ETFs recorded their first week of cumulative net inflows.
Grayscale’s ETHE has finally broken its 14-day outflow streak.
Ethereum ETF’s cumulative total net inflow remains negative at -$401.01 million.
U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) have seen their quietest day of trading since their debut.
This dip comes on the heels of a three-day outflow streak that drained over $40 million.
Ethereum ETFs
As per data from SoSoValue, Ethereum ETFs saw a meager $4.93 million in daily inflows on Aug. 12, 2024, marking the lowest day of inflows or outflows to date.
Ethereum ETF flows. Source: SoSoValue
Fidelity’s Ethereum Fund (FETH) led the way, attracting $3.98 million in net inflows. Since its launch, FETH has consistently performed well, amassing a total net inflow of $345.69 million over 14 days, with just one day of outflows amounting to $2.58 million.
Bitwise Ethereum ETF (ETHW) continued its streak of steady inflows, adding $2.86 million to its tally. ETHW also stands out as one of the top-performing funds, with $302.52 million in net inflows. The fund gained $204 million of this figure on its first day of trading, and since it has not seen a single day of outflows,
Franklin Templeton’s Ethereum ETF (EZET) also saw some activity, bringing in $1.01 million in inflows, raising its cumulative net inflow to $35.33 million.
Slow and Steady
Perhaps as a sign of things to come, Grayscale’s Ethereum Trust (ETHE) finally ended its 14-day outflow streak, recording neutral flows for Aug. 12, 2024. This comes after ETHE experienced $2.3 billion in net outflows over the past few weeks.
Prior to its conversion into a spot ETF, ETHE held $9 billion in ETH, a figure that has since declined by over a quarter. That said, Grayscale did simultaneously launch its Ethereum Mini Trust, which has netted $220.65 million in net inflows since its inception.
Still, the mini fund, which carries a 0.15% management fee, has failed to capture the losses from the ETHE fund, which has a gigantic 2.5% management fee. Grayscale’s 1.5% fee on its Bitcoin ETF has so far resulted in over $19 billion exiting the fund.
Bullish Flows?
Looking back at last week, Ethereum ETFs saw their first week of net inflows, which could also suggest better days are ahead.
Last week, the U.S. Bitcoin ETFs experienced a net outflow of $167 million, while Ethereum ETFs saw a net inflow of $104.8 million. This marked the first time the Ethereum ETFs had a net inflow for a full week. pic.twitter.com/ybxSYINqdn
It would seem that with Grayscale’s outflows slowing and Ethereum’s price beginning to stabilize around the $2,600 mark, bullish sentiment could be on the horizon.
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.
