Spot Ethereum ETFs Record $4.9 Million Inflows As Grayscale’s Fund Stops Bleeding And CoinShares Says Investors Favored ETH Over BTC Last We...
Release: 2024/08/13 18:09 Reading: 402
Spot Ethereum exchange-traded funds (ETFs) witnessed a surge of $4.9 million in inflows on August 12th. This upswing followed the end of a negative streak for Grayscale's Ethereum Trust and a preference for ETH funds over BTC investment products during the recent market rebound, according to CoinShares.
Data from SosoValue indicated that nine spot Ethereum ETFs received inflows after a three-day stretch of negative flows. Grayscale's Ethereum Trust (ETHE) recorded zero flows for the first time since its transition into an ETF, marking the conclusion of a 14-day period of outflows.
VanEck's ETHV ETF was the only spot Ethereum ETF to experience outflows on August 12th, with $2.92 million leaving its reserves. In contrast, Fidelity's FETH and Franklin's EZET both posted net inflows of $3.98 million and $1.01 million, respectively. Bitwise's ETHW also attracted positive flows, with $2.86 million entering the fund.
The collective trading volume for spot Ethereum ETFs increased significantly on August 12th, reaching $286 million, a rise of over $100 million compared to August 9th.
CoinShares' weekly Digital Asset Fund Flows report revealed that crypto asset management products experienced inflows of $176 million last week, with Ethereum funds accounting for $155 million or approximately 88% of the total inflows. This brings the year-to-date inflows for Ethereum-based funds to $862 million, the highest level since 2021.
Over the past 24 hours, Ethereum saw a gain of over 3%, trading at $2,648.86 as of 3:32 a.m. EST, while Bitcoin achieved a modest 1% gain.
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