US-listed spot Ethereum exchange-traded funds (ETFs) continue to make headlines with their historic performance, as they attracted over $729 million in daily inflows on Aug. 13. This marks the seventh consecutive day of positive flows for the nine funds and their second-largest single-day haul since their launch last year.
Leading the charge in attracting inflows was BlackRock’s ETHA with $500.9 million, followed by Fidelity’s FETH with $154.7 million. Grayscale’s ETH and ETHE ETFs also recorded significant inflows of $51.34 million and $7.83 million, respectively. Other products, including Bitwise and Franklin Templeton ETFs, added a combined $14 million, while three ETFs showed no activity on the day.
Nate Geraci, President of NovaDius Wealth, highlighted the recent momentum by pointing out that three of the top six inflow days since launch have occurred this week. He also mentioned that investors have injected $3 billion over the past seven trading sessions.
The surge in ETF inflows has coincided with a strong upward move in Ethereum’s price. Despite the recent rally, ETH is still approximately 2.75% below its all-time high of $4,864, set in November 2021. Currently trading around $4,726, ETH has seen a 27% increase over the past seven days and more than 50% growth over the last month.
OKX US CEO Roshan Robert noted that Ethereum’s robust fundamentals, including record on-chain activity and growing staking participation, are driving the digital asset’s current upward momentum. With over 36 million ETH, nearly one-third of the total supply, now locked in staking, reduced float and surging demand for both spot ETH and staking products could pave the way for further price gains.
Looking ahead, Robert emphasized the importance of Ethereum-led infrastructure sustaining and accelerating as ETF adoption grows and on-chain activity reaches new heights. The next chapter for ETH will depend on how these factors play out in the market.
At the time of writing, Ethereum is ranked #2 by market cap with a price of $4,726, up 1.29% over the past 24 hours. The total crypto market is valued at $4.13 trillion with a 24-hour volume of $251 billion and Bitcoin dominance at 58.55%.
In conclusion, the continued influx of funds into Ethereum ETFs reflects growing investor interest in the digital asset and its potential for further price appreciation. As the market continues to evolve, Ethereum’s performance will be closely watched by investors and analysts alike.