As a seasoned researcher and crypto enthusiast with over two decades of experience in the financial markets, this recent development in Ethereum ETFs has caught my attention like never before. The historic first-ever positive weekly flows of 31,500 ETH, equivalent to $75.07 million, is a significant milestone that underscores the growing acceptance and integration of digital assets into mainstream finance.
As a proud crypto investor, it’s exhilarating to witness a significant achievement – the first-ever positive weekly flows for Ethereum Exchange Traded Funds (ETFs)! According to Arkham Intelligence, these ETH ETFs saw a remarkable net inflow of approximately 31,500 Ether, which translates to a substantial $75.07 million, over the course of last week. This influx not only validates the growing interest in Ethereum but also signifies a promising future for these ETFs.
For the first time ever, weekly investments into Ethereum Exchange Traded Funds (ETFs) have become positive, with a total of approximately 31,500 Ether ($75.07 million) being purchased last week. This trend was primarily driven by Blackrock, which acquired $168.55 million worth of Ethereum. The largest single-day on-chain inflow from Blackrock occurred on August 7th.
— Arkham (@ArkhamIntel) August 13, 2024
BlackRock, one of the world’s largest asset management companies, spearheaded the influx of investments into Ethereum (ETH), with a substantial purchase valued at approximately $168.55 million. On August 7th, the company received an impressive $108.02 million worth of ETH in just one day, marking the largest daily on-chain transfer for BlackRock.
The surge in investments towards Ethereum ETFs represents a significant historical movement, reflecting a change in market opinion about Ethereum. The trading of Ethereum ETFs officially commenced in the United States during late July, signifying a substantial advancement in the growing acceptance of digital assets within traditional finance.
The crypto world responded to the historic achievement of Ethereum ETFs, with analyst Michael van de Poppe suggesting in a recent tweet that “Today marks the first day without outflow for Ethereum. This week could be significant. If this week shows a net inflow of over $50 million, I believe we’re approaching a period of strong growth for the Ethereum ecosystem.”
On Monday, the total daily net investment into U.S.-traded Ethereum ETFs, as reported by SoSoValue, amounted to approximately $4.93 million. Specifically, Grayscale’s funds didn’t see any inflows or outflows, while Fidelity and Franklin Templeton attracted investments worth $3.98 million and $1 million, respectively. Bitwise experienced positive flows totaling $2.86 million on that day.
Ethereum leads pack as market inflows rebound
As per the latest report from CoinShares, there was a cumulative investment of $176 million into digital asset investment products during the past week. This influx occurred because investors perceived the recent market downturn as a chance to purchase assets at lower prices.
In simpler terms, Ethereum gained the most during the recent market decline, attracting approximately $155 million last week. This brings its total inflows for the year so far to a record $862 million, the highest since 2021. The primary reason for this increase is the recent launch of U.S. ETFs that are based on spot trading.
Currently, at the point of composition, Ethereum (ETH) has experienced a decrease, along with the broader cryptocurrency market, by 1.02% over the past 24 hours, putting its value at approximately $2,645.
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2024-08-13 19:07