On August 6, Ethereum spot exchange-traded funds (ETFs) recorded notable activity, with a net inflow of $98.3 million across various funds.
Leading the charge, BlackRock’s spot Ether ETF (ETHA) reported a significant inflow of $110 million, bringing its total inflows since launch on July 23 to $869.8 million.
According to Farside Investors, this marks ETHA’s third biggest flow day as investors looked to capitalize on Ether’s 18% price fall on August 5, which saw the cryptocurrency’s price bottom out at $2,197 before partially recovering to $2,494. This strong performance places ETHA among the top six best-performing ETFs launched in 2024, according to Nate Geraci, President of The ETF Store.
Fidelity’s spot Ethereum ETF (FETH) also saw substantial activity, recording an inflow of $22.49 million. Other ETFs, such as Grayscale’s mini trust and Franklin Templeton’s ether fund, saw inflows of $4.7 million and $1 million, respectively. In contrast, Grayscale’s higher fee Ethereum product (ETHE) was the only spot Ether ETF to record an outflow, with $39.73 million leaving the fund.
Despite the recent market downturn, which saw over $600 million in leveraged long positions wiped out on what has been termed “Black Monday,” the combined flows for ETHA on August 5 and 6 alone place it in the top 10% of ETFs launched in 2024.
This achievement is particularly notable as it has been reached without the spot Ether ETFs issuers offering staking returns and options trading.
Ether’s price has shown resilience, rebounding by 13.5% from its low on August 5. However, the spot Ether ETFs have still seen a combined $473.9 million in outflows when factoring in the $2.2 billion that has left Grayscale’s ETHE.
Bitcoin’s ETF Inflows
Meanwhile, on the same day, spot Bitcoin ETFs in the U.S. experienced net outflows of $148.5 million. Fidelity’s FBTC led the outflows among 12 Bitcoin funds, with $64.48 million leaving the fund.
Other significant outflows included Grayscale’s converted GBTC fund, which saw $32.18 million in outflows, and Ark Invest and 21Shares’ ARKB, which logged $28.88 million in net outflows. Franklin Templeton’s Bitcoin fund also reported a loss of $23 million.
In contrast, BlackRock’s IBIT, the largest spot Bitcoin ETF in terms of net asset value, reported no flows on that day, along with seven other Bitcoin ETFs. Despite the recent outflows, the 12 Bitcoin ETFs have accumulated a total net inflow of $17.19 billion since launching in January 2024.
Overall, both Bitcoin and Ether are showing signs of recovery from the recent market downturn, with Bitcoin rising 2.61% to $57,060 and Ether growing 1.25% to $2,522 in the past 24 hours, according to The Block’s price page.
The overall direction of the cryptocurrency market will likely align with the performance of high-beta stocks and general risk appetite in the near term.
