Spot Ether ETFs Break 9-Day Outflow Streak with $5.8M Inflow

US spot Ether exchange-traded funds (ETFs) are back with positive flows, receiving a $5.84 million net inflow on Wednesday, August 28, 2024. Interestingly, this is the first inflow seen in the funds over the past ten trading days.

Spot Ether ETFs Attract $5.84M Inflow 

According to data from SoSoValue, BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH), were the only funds to receive positive flows on Wednesday.  ETHA had an inflow of $8.40 million, while FETH saw a smaller inflow of $1.26 million. This brings BlackRock’s cumulative net inflow to a staggering $1.01 billion since going live on July 23.

In contrast, Grayscale Ethereum Trust (ETHE) saw negative flows, seeing a single-day net outflow of $3.81 million. Adding to this latest figure, ETHE has recorded a net outflow of $2.56 billion.

The remaining funds, Grayscale Ethereum Mini Trust (ETH), Bitwise Ethereum ETF (ETHW),  VanEck Ethereum ETF (ETHV), Franklin Ethereum ETF (EZET), Galaxy Ethereum ETF (QETH), 21Shares Core Ethereum ETF (CETH) saw zero flows.

Outflow Pressure 

Meanwhile, despite posting gains on Wednesday, US spot Ether ETFs still have a cumulative net outflow of $475.48 million with a net asset value (NAV) of $6.97 billion. 

US spot Ether ETFs are yet to impress like spot Bitcoin ETFs, which saw a remarkable net inflow of $5 billion in their first five weeks of going live. In comparison, spot Ether ETFs only saw a cumulative net outflow of $500 million at the same time frame.

Analysts at JPMorgan said the initial unimpressive performance of U.S. spot Ether ETFs is expected, citing several factors, such as the lack of staking and lower liquidity. Only time will tell if the funds will see more demand from retail and institutional investors.

Ether (ETH) trades at $2,573 at press time, representing a less than 3% surge in the past 24 hours.