Ethereum ETFs Draw $5M as Grayscale’s ETHE Ends 14-Day Outflow Run

• 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.

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.

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.

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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