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Ether ETF weekly flows turn positive for first time since launch
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2024-08-12 03:08:37
Martin Young2 hours agoEther ETF weekly flows turn positive for first time since launchThe newly launched nine spot Ether ETFs had a positive overall net inflow of $105 million for the week beginning Aug. 5.939 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onSpot Ether exchange-traded funds (ETFs) in the United States have had their first week of positive net inflows since they launched on July 23.
According to ETF tracker SoSoValue, the nine newly launched US-based spot Ether (ETH) ETFs had positive overall net inflows of $104.8 million for the week beginning Aug. 5.
It added that $1.9 billion in total value was traded, bringing the total net assets to $7.3 billion as of Aug. 9.
The inflow figure came amid a huge price dump for the underlying asset, ETH, which has declined 23% since the beginning of August.
Six of the nine funds had overall positive net flows for the week, with BlackRock’s iShares Ethereum Trust leading the pack with $188.4 million.
The BlackRock fund has nowamassed over $900 million in 13 days of trading and has yet to have an outflow day.
Its closest rival, Fidelity"s Ethereum Fund, had $44.65 million in inflows last week, bringing its total to $342 million.
The other four ETFs with aggregate inflows last week were Grayscale’s Mini Ethereum Trust with $19.8 million, the VanEck Ethereum ETF with $16.6 million, the Bitwise Ethereum ETF with $11.7 million, and the Franklin Ethereum ETF with $3.7 million.Spot Ethereum ETF flows, Aug. 5-9. Source:SoSoValue
21Shares Core Ethereum ETF and the Invesco Galaxy Ethereum ETF had zero net flows for the week.
The aggregate inflows for the nine ETFs combined would have been much higher if Grayscale’s Ethereum Trust hadn’t lost $180 million in outflows during the week.
The continued outflow of assets from Grayscale’s spot Ether ETF, currently totaling $2.3 billion, has resulted in an overall outflow of $406.4 million for all nine funds, according to Farside Investors.
Related:Expect Bitcoin ETF options to launch before 2025
Meanwhile, ETF issuers are angling to get options products launched for their spot ETH funds.
On Aug. 7, the NYSE American proposed a rule change that would allow it to list and trade options contracts for three ETH ETFs from Grayscale and Bitwise.
Magazine: Ethereum price will lag for ‘months’ as Bitcoin surges: X Hall of Flame, Roman# Ethereum# Ethereum ETF# BlackRockAdd reaction