Spot Ethereum ETF Weekly Flows: A Tale of Two Halves
- WBOYOriginal
- 2024-08-11 21:20:22971browse
ETFs experienced significant activity over the past week. These products recorded both substantial inflows and outflows, leading to a mixed sentiment in the market. The cumulative net inflow into spot Ethereum ETFs reached nearly $105 million by the end of the week owing to the strong start. Hence, it sparked discussions on the potential for Ethereum (ETH) to push towards the $3,000 mark.
Spot Ethereum ETFs experienced significant activity over the past week. These products recorded both substantial inflows and outflows, leading to a mixed sentiment in the market. The cumulative net inflow into spot Ethereum ETFs reached nearly $105 million by the end of the week owing to the strong start. Hence, it sparked discussions on the potential for Ethereum (ETH) to push towards the $3,000 mark.
A Look At Spot Ethereum ETF Weekly Flows
On Monday, August 5, spot Ethereum ETFs began the week on a positive note with net inflows totaling $48.8 million. BlackRock led the market, securing $47.1 million of these inflows. Fidelity and VanEck followed with $16.2 million and $16.6 million, respectively.
However, Grayscale’s Ethereum Trust (ETHE) experienced significant outflows of $46.8 million, while its smaller Ethereum ETF saw modest inflows of $7.6 million. This resulted in a mixed start for the week, reflecting the varying sentiment among investors.
Nonetheless, the positive momentum continued on Tuesday, August 6, as Ether ETFs recorded $98.4 million in inflows. BlackRock again dominated, attracting a whopping $109.9 million in new investments. Moreover, Fidelity also performed well, bringing in $22.5 million.
Conversely, ETHE continued to struggle, with outflows reaching $39.7 million. The strong inflows on Tuesday provided a boost to the overall market sentiment, but the persistent outflows from Grayscale’s ETHE suggested caution.
The Outflow Trend Emerges
Midweek saw a shift in the trend. On Wednesday, August 7, the total net outflow for spot Ethereum ETFs amounted to $23.7 million. Grayscale’s ETHE faced an outflow of $31.9 million, overshadowing the modest inflow of $4.7 million into Fidelity’s ETH ETF. This reversal marked a turning point in the week, highlighting volatility.
On Thursday, August 8, the market continued to see outflows, although at a reduced pace. The total net outflow for Ether ETFs was $2.9 million. Grayscale’s ETHE led the outflows with $19.8 million, while its mini Ethereum ETF managed to attract $5 million in new investments.
BlackRock’s ETH ETF also saw positive inflows of $11.7 million, partially offsetting the broader trend of outflows. However, analysts from QCP Capital predicted further outflows from Grayscale’s ETHE in the coming week.
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