Ethereum ETFs End Nine-Day Outflow Streak with $5.8 Million Inflow

Ethereum spot exchange-traded funds (ETFs) have recorded a net inflow of $5.8 million, ending a nine-day streak of consecutive net outflows. This trend reversal marks a significant recovery for the ETH market, which had faced substantial selling pressure in previous weeks.

Key Takeaways

• Ethereum ETFs saw a net inflow of $5.8 million, ending a nine-day outflow streak.

• BlackRock’s ETHA ETF led the inflows with $8.4 million.

• Fidelity’s FETH ETF saw an inflow of $1.3 million.

• Grayscale’s ETHE ETF experienced an outflow of $3.8 million.

BlackRock’s ETHA ETF Leads the Inflows

BlackRock’s ETHA ETF received the largest volume of inflows, totaling $8.4 million. This increase is steering the company towards recovery. BlackRock has also recently launched its Ethereum ETF on the Brazilian stock exchange (B3). This ETF, named ETHA39, is available to both retail and institutional investors in Brazil, where it is traded at one-third of its original value to facilitate local market access. Additionally, management fees are set at 0.25% annually, reducing to 0.12% during the first year or until reaching $2.5 billion in assets under management.

Fidelity and Grayscale ETFs

Fidelity’s FETH ETF also saw a positive flow, with an inflow of $1.3 million, contributing to the overall positive movement. However, Grayscale’s ETHE ETF faced an outflow of $3.8 million. Grayscale continues to encounter persistent selling pressure despite the general positive trend in other funds.

Market Performance and Analyst Expectations

The previous net outflows had extended to nine days, the longest period since the funds began trading last month. The cumulative sum of flows for Ethereum reached nearly $500 million in the first five weeks since its launch, exceeding JP Morgan analysts’ expectations who had forecasted weaker flows for ETH ETFs compared to Bitcoin ETFs. The lack of staking and lower liquidity were cited as reasons for these more conservative projections.

Bitcoin ETFs Also Face Challenges

Meanwhile, Bitcoin ETFs also faced some challenges. The net outflow reached a total of $105 million on Wednesday. Grayscale, in particular, recorded outflows in its Bitcoin ETFs, including $7.98 million in its GBTC and $8.77 million in its mini ETF BTC.

Sources

• Ethereum ETFs End Nine-Day Outflow Streak - The Cryptocurrency Post, The Cryptocurrency Post.

• Ethereum ETFs Break Nine-Day Outflow Trend with $5.8M Inflow, TheCoinrise.com.