Ethereum ETF woes continue as they reach day 8 of their outflow streak.
(Photo by Mario Tama/Getty Images)
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Key Takeaways
Ethereum ETFs have seen over $2 billion in net inflows, but only if you exclude Grayscale’s fund.
Over $100 million has exited ETH ETFs since Aug. 15, 2024.
ETH bulls struggled to maintain the $2,650 price level.
U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) have reached day eight of their outflow streak, while Bitcoin ETFs have reached day eight of their inflow streak.
Ethereum ETFs
As per data from SoSoValue, Ethereum ETFs have reached day eight of their outflow streak, shedding $13.23 million on Aug. 26, 2024.
Ethereum ETF flows. Source: SoSoValue
Today’s flow results are mostly neutral, except for three funds, which saw small but not insignificant outflows. Topping the outflow charts is the Grayscale Ethereum Trust (ETHE), which reliably saw $9.52 million exit the fund as it reached day ten of its own outflow streak.
Grayscale’s ETHE has seen $2.54 billion in outflow since launching on July 23. Having seen just one day of neutral flows, ETHE’s decline has greatly outweighed the flows of other funds and has disproportionately affected flow results.
Posting its second-ever day of outflows, the Fidelity Ethereum Fund (FETH) saw a modest $2.69 million in exits. Fidelity’s ETH ETF is ranked second for cumulative net inflows, having captured $387.76 million.
Finally, the Franklin Ethereum Trust (EZET) saw its first day of outflows since launching, losing a cool $1.02 million. So far, the fund has seen a cumulative net inflow of $35.31 million, ranking it sixth amongst its competitors.
The Losing Streak
It would appear that funds issuers fumbled the launch of Ethereum ETFs, which were anticipated to draw billions in net inflows just as BTC ETFs did. However, as CCN has reported many times, Ethereum ETFs are doing considerably well if you exclude Grayscale’s ETHE from the picture.
Removing the $2.5 billion outflow influence of ETHE, Ethereum ETFs have seen just over $2 billion in cumulative net inflows, suggesting that investor appetite is strong.
Furthermore, Grayscale’s intentions to capture these outflows via its “mini” Ethereum ETF have fallen short of expectations, as it has seen just $235 million in net inflows.
Ethereum (ETH) Price
The weekend proved to be fruitful for bulls who worked to push ETH above the $2,650 mark. After glancing above $2,800, all the upward momentum was lost, resulting in the ETH token once again tumbling below the key $2,650 level,
Bitcoin (BTC) performed exceptionally well over the weekend, too. Bulls managed to push it above $60,000 to hit $65,000, but they fell short by a few hundred dollars. Now, the market is looking bearish, and ETH is down, trading at $2,622.
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.
