Ethereum ETFs see $729M boost as ETH price nears all-time high

US-listed spot Ethereum exchange-traded funds (ETFs) have continued their impressive performance, attracting over $729 million in daily inflows on Aug. 13.

This marks the seventh consecutive day of positive flows for the nine funds, with the second-largest single-day haul since their launch last year.

Just two days after setting a record on Aug. 11 with over $1.02 billion in inflows, the ETFs are showing no signs of slowing down.

BlackRock’s ETHA leads the inflow

According to SoSo Value data, BlackRock’s ETHA saw the highest inflow at $500.9 million, followed by Fidelity’s FETH with $154.7 million. Grayscale’s ETH and ETHE ETFs also recorded significant inflows of $51.34 million and $7.83 million, respectively.

Other products like Bitwise and Franklin Templeton ETFs added a combined $14 million, while three ETFs showed no activity on the day.

Nate Geraci, President of NovaDius Wealth, highlighted the recent momentum, noting that three of the top six inflow days since launch have occurred this week, with investors injecting $3 billion over the past seven trading sessions.

Ethereum ETFs driving towards ATH

The surge in ETF inflows has coincided with a strong upward move in Ethereum’s price.

Geraci challenges the narrative that ETFs only provide exit liquidity, pointing out that ETH’s price at the time of the spot ETF launch in July 2024 was $3,500, compared to today’s $4,700.

As per CryptoSlate’s data, ETH is currently trading around $4,726, reflecting a 27% rally in the past seven days and over 50% growth in the last month.

Despite the momentum, ETH is still about 2.75% below its all-time high of $4,864 set in November 2021.

OKX US CEO Roshan Robert told CryptoSlate that Ethereum’s strong fundamentals, along with record on-chain activity and growing staking participation, are driving the digital asset’s upward momentum.

With over 36 million ETH, nearly one-third of the supply, currently locked, the reduced float and rising demand for spot ETH and staking products could lead to further price gains, according to Robert.

He added:

“The next chapter for ETH is whether Ethereum-led infrastructure can sustain and accelerate as ETF adoption grows and on-chain activity hits new records.”

Ethereum Market Data

At the time of writing, Ethereum is ranked #2 by market cap, with a price increase of 1.29% over the past 24 hours. Ethereum has a market capitalization of $573.62 billion and a 24-hour trading volume of $60.7 billion.

Crypto Market Summary

The total crypto market is valued at $4.13 trillion with a 24-hour volume of $251 billion. Bitcoin dominance is currently at 58.55%.

Mentioned in this article