Ethereum ETFs See Inflows After Days of Losses
After a series of consecutive days in the red, the nine U.S.-listed exchange-traded funds tracking Ethereum have finally seen a turnaround with inflows.
According to data from SoSoValue, Ethereum ETFs recorded a total of $288 million in net inflows on Aug. 21, putting an end to several days of losses. BlackRock’s ETHA led the inflows with a significant share of $233 million, outperforming other funds by a wide margin. Fidelity’s FETH followed with $29 million, while other issuers saw smaller inflows in the range of $6 million to $7 million.
Despite the inflows, Ethereum (ETH) continues to face downward pressure, currently trading just above $4,238, down 0.72% over the past 24 hours. The second-largest cryptocurrency has been on a downward trend for weeks after failing to sustain its rally above $4,700. However, ETH is still up 15% for the month, indicating resilience in the face of recent market challenges.
The decline in ETH price was a major contributing factor to the negative performance of the Ethereum ETFs, which collectively lost nearly $926 million during their recent losing streak.
Ethereum ETFs Outperform Bitcoin ETFs
While Ethereum-focused funds have shown signs of stabilization, Bitcoin (BTC) ETFs continue to face pressure. Investors have been withdrawing funds from BTC ETFs over the past week, driven by profit-taking and reduced demand.
During the latest trading session, Bitcoin ETFs saw $194 million in outflows, marking the fifth consecutive day of losses. The total outflows for Bitcoin ETFs have now reached nearly $1.2 billion. The withdrawals were concentrated among five of the 12 U.S.-listed issuers, with BlackRock, Fidelity, Grayscale, Ark 21Shares, and Franklin Templeton experiencing the most significant outflows.
Similar to ETH, Bitcoin has also been experiencing a downward trend this week. As of the latest data, BTC is trading at $113,216, down 5% for the week and approximately 8.8% below its monthly high of $124,128.
Overall, the recent inflows into Ethereum ETFs and outflows from Bitcoin ETFs reflect a shifting landscape in the cryptocurrency market, with institutional investors closely monitoring and adjusting their positions based on market dynamics.