Ethereum ETFs register two consecutive days of inflows Ethereum ETFs register two consecutive days of inflows
Despite the significant inflows for the past two days, the ETFs failed to counter the large holders selling pressure.
2 min read
Updated: Aug. 7, 2024 at 8:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Spot Ethereum (ETH) exchange-traded funds (ETFs) registered $98.4 million in inflows on Aug. 6, the second largest inflow since the funds began trading in July, based on Farside Investors’ data.
Notably, this was the second consecutive day of inflows for spot Ethereum ETFs traded in the US, amounting to $147.2 million. BlackRockโs ETHA assets under management (AUM) grew nearly $110 million on Aug. 6, while Fidelityโs FETH recorded $22.5 million inflows.
Meanwhile, Grayscaleโs ETHE continued to record outflows, with Aug. 11 marking 11 consecutive trading days in the negative. However, the fund posted the lowest amount in daily outflows since its conversion from a trust to an ETF.
As of Aug. 6, the net flows of the eight Ethereum ETFs that started trading in the US on July 23 are negative $364 million.
Large holders pressure
Despite the bullish predictions that ETH’s price will rise following its ETF launch in the US, the event has failed to produce a substantial impact so far.ย
From July 23 to Aug. 4, before the broad crash that hit the crypto market, Ethereum’s price registered a 20.6% decline. The first major factor driving the price down is Grayscale’s ETHE outflows, as the sell-off pressures the token’s performance.
Furthermore, large holders are moving ETH with apparent selling intent. Asset manager Metalpha and an unknown whale moved nearly $73 million to a Binance deposit address on Aug. 5.
Recently, the X (formerly Twitter) user identified as Lookonchain highlighted that market maker Jump Crypto continues its spree of unstaking ETH from Lido and moving it to exchanges.ย
On Aug. 7 morning, the firm claimed 11,501 ETH from Lido and transferred it to sale. It also redeemed 19,049 ETH in another potential selling movement.
Meanwhile, Ethereum addresses tied to the PlusToken Ponzi scheme shut down by Chinese authorities in November 2020 also moved $464.7 million in ETH on Aug. 7, according to Arkham Intelligence.
As a result, Ethereum’s price is down 6.5% over the past 24 hours, showing the worst daily performance among the top 10 largest cryptocurrencies by market cap.
Ethereum Market Data
At the time of press 8:48 pm UTC on Aug. 7, 2024, Ethereum is ranked #2 by market cap and the price is down 6.14% over the past 24 hours. Ethereum has a market capitalization of $282.57 billion with a 24-hour trading volume of $24.04 billion. Learn more about Ethereum ›
Crypto Market Summary
At the time of press 8:48 pm UTC on Aug. 7, 2024, the total crypto market is valued at at $1.93 trillion with a 24-hour volume of $94.95 billion. Bitcoin dominance is currently at 56.06%. Learn more about the crypto market ›
Mentioned in this article
Ethereum 
BlackRock 
Fidelity Investments iShares Ethereum Trust ETF 
Grayscale Ethereum Trust Fidelity Ethereum Fund Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
The iShares Ethereum Trust ETF (ETHA) by BlackRock is an innovative investment product designed to provide investors with exposure to Ethereum, one of the leading cryptocurrencies.
The Grayscale Ethereum Trust (ETHE) by Grayscale is an investment vehicle designed to offer investors exposure to Ethereum, one of the leading cryptocurrencies by market capitalization.
The Fidelity Ethereum Fund (FETH) is an investment product designed to provide investors with direct exposure to Ethereum, one of the leading cryptocurrencies.
