Crypto Market Cap Jumps 8% as Ether ETF Sees $48.7M Net Inflow

The global crypto market cap recently saw a sharp 8% surge following fresh inflows into spot Ether exchange-traded funds (ETF). On August 5, the nine US spot Ether ETFs experienced positive flows with a single-day net inflow of $48.7 million. 

BlackRock’s ETHA Leads With $47.1M Inflow 

According to data from SoSoValue, major contributors to the inflow include BlackRock’s iShares Ethereum Trust (ETHA), which received $47.1 million, VanEck Ethereum ETF (ETHV), which received $16.6 million, and Fidelity Ethereum Fund (FETH), which received $16.2 million.

Grayscale Ethereum Mini Trust (ETH), Bitwise Ethereum ETF (ETHW), and Franklin Ethereum ETF (EZET) saw smaller inflows of $7.6 million, $7 million, and $908,000, respectively. Invesco Galaxy Ethereum ETF (QETH) and 21Shares Core Ethereum ETF (CETH) continued their slow run, receiving no daily inflow or outflow.

Conversely, Grayscale Ethereum Trust (ETHE) experienced a significant net outflow of $46.8 million, bringing its historical outflow to a staggering $2.16 billion. Aside from Grayscale’s ETH, the remaining spot Ether ETFs collectively received an inflow of $95.4 million on August 5. 

Largely driven by ETHE’s outflow of $2.16 billion, the nine US spot Ether ETFs have seen a historical cumulative net outflow of $462 million since they started trading on July 23. Moreover, their combined net asset value (NAV) stands at $6.70 billion, representing 2.29% of the total market value of ether (ETH).

Global Crypto Market Jumps 8%

These latest inflows into the funds suggest growing confidence in ether and the broader crypto market among investors despite the recent downturn. This inflow, coupled with other potential factors, has helped contribute to a slight recovery in the price of ETH and the overall crypto market.

Coinciding with the inflow into spot Ether ETF, the global crypto market capitalization experienced a sharp 8% surge to reach a market cap of $2.07 trillion. ETH, which entered a seven-month low of $21,000 on Monday surged to $2,500. Bitcoin (BTC), the world’s largest cryptocurrency, also recovered from around $49,000 to nearly $56,000. 

Other major crypto assets, including BNB, XRP, and SOL, increased by 12%, 15%, and 12%, respectively.