Current Trends in Ether ETFs
Despite a modest net inflow of $26.7 million on August 1, U.S. spot Ether ETFs have been overshadowed by persistent outflows from the Grayscale Ethereum Trust (ETHE). The inflows were largely attributed to a $89.6 million boost in BlackRock’s iShares Ethereum Trust (ETHA), according to data from SoSoValue.
Conversely, Grayscale’s Ethereum Trust saw significant outflows of $78 million on the same day, escalating its total outflows to over $2 billion since transitioning to a spot ETF.
Grayscale’s ETH ETF Performance
Grayscale’s ETHE, launched as a trust for institutional investors, had previously held $9 billion in Ether. However, as of August 1, outflows have surpassed 22% of the initial fund value.
Senior analyst Mads Eberhardt from Steno Research suggested that these substantial outflows might slow down by the week’s end. Eberhardt hinted that such a slowdown could positively impact ETH prices. He noted, “When it does, it’s up only from there,” in a post on X on July 30.
Market Sensitivity and ETH Price
On July 23, Will Cai, head of indexes at Kaiko, highlighted that ETH’s price would likely be “sensitive” to inflows into spot products. At the time of publication, ETH was trading at $3,168, reflecting an 8.5% decrease since the ETFs’ launch, as per TradingView data.
Spot Bitcoin ETFs Experience $50 Million in Inflows
Bitcoin ETF Activity
On Thursday, the 12 U.S. spot Bitcoin ETFs recorded a total daily net inflow of $50.64 million. Grayscale’s Bitcoin Mini Trust, which began trading the previous day, led with a $191.13 million inflow, as reported by SoSoValue. BlackRock’s IBIT followed with inflows of $25.9 million.
Despite these gains, net outflows from five U.S. funds, including Grayscale’s GBTC, which saw $71.33 million exit, tempered the overall results. Fidelity’s FBTC experienced net outflows of $48.4 million, while Ark Invest and 21Shares’ ARKB saw $22.42 million in outflows. Other funds from Bitwise and VanEck also faced outflows, with five funds from issuers like Valkyrie reporting no changes.
Trading Volume and Investment Trends
On Thursday, the combined trading volume for the 12 Bitcoin ETFs reached approximately $2.91 billion, up from $1.37 billion the previous day. Since January, spot Bitcoin products have accumulated $17.74 billion in net inflows.
Despite these positive inflows, the two largest spot Bitcoin ETFs—BlackRock’s IBIT and Grayscale’s GBTC—both experienced a 3% decline on Thursday, according to The Block’s Bitcoin ETF Tracker. The digital asset sector continues to attract significant interest, with inflows remaining strong for the fourth consecutive week. Last week alone saw $245 million in inflows, with year-to-date (YTD) totals hitting a record $20.5 billion. Bitcoin products, in particular, have seen impressive investment growth, with last week’s inflows reaching $519 million, month-to-date inflows at $3.6 billion, and YTD inflows totaling an unprecedented $19 billion.
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