As a seasoned crypto investor with a decade of experience navigating the volatile digital asset market, I can’t help but feel a renewed sense of optimism regarding Ethereum spot ETFs. After witnessing several days of stagnation and outflows, the recent positive momentum is a breath of fresh air. The resurgence in inflows, particularly on Aug. 6 with around $98 million net inflow, is a significant development that should not be overlooked.
After a series of slow development, the momentum for Ethereum spot ETFs has turned positive. Following their launch, these funds experienced a significant influx one day, followed by four consecutive days of withdrawals. This trend was largely influenced by Grayscale’s ETHE, as it has been experiencing outflows even today.
In addition, the market has shown a similar pattern concerning Grayscale’s Bitcoin ETF. On the other hand, investor attention and trust are now shifting towards Ethereum ETFs. According to SosoValue, Ethereum spot ETFs collectively experienced approximately $98 million in net inflows on August 6th.
On August 5th, there were nearly $48 million in funds flowing into the system for the second day in a row. This significant turn of events comes as a relief after a series of outflows had been dampening spirits within the community. Furthermore, these inflows occur during a period when the market is beginning to bounce back following a recent cryptocurrency downturn.
BlackRock dominates ETF market
On August 6th, approximately $39 million was withdrawn from Grayscale’s ETHE product, bringing the total net outflows to a staggering $2.2 billion. Interestingly, Grayscale’s recently introduced ETF called ETH experienced inflows of around $4.7 million on the previous day, adding up to approximately $213 million in total net inflows.
As a researcher studying the Ethereum Exchange Traded Fund (ETF) market, I found that BlackRock’s ETHA was the standout performer yesterday, attracting approximately $110 million in new investments. This brings its total cumulative net inflows to a staggering $869 million, making it the most popular Ethereum spot ETF on the market at this moment. Interestingly, Fidelity’s FETH also saw an inflow of around $22 million on the same day, adding to its existing cumulative net inflows of approximately $335 million.
In summary, the combined net worth of these recently introduced ETFs amounts to approximately $7.06 billion. Interestingly, this represents around 2.36% of the overall value of the Ethereum market. This suggests that these new ETFs are making a significant impact on the market with their performance. The increased presence of Ethereum ETFs can be seen as a positive sign, indicating growing investor enthusiasm towards this asset.
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2024-08-07 14:21