According to data from Farside Investors, spot Ethereum (ETH) exchange-traded funds (ETFs) saw inflows of $98.4 million on Aug. 6, marking the second-highest inflow since their launch in July.
This marked the second consecutive day of inflows for spot Ethereum ETFs in the US, totaling $147.2 million. BlackRock’s ETHA saw its assets under management (AUM) increase by nearly $110 million on Aug. 6, while Fidelity’s FETH received $22.5 million in inflows.
On the other hand, Grayscale’s ETHE continued to experience outflows, with Aug. 11 marking the 11th consecutive day of negative trading. However, the outflows on that day were the lowest since its conversion from a trust to an ETF.
As of Aug. 6, the net flows for the eight Ethereum ETFs that began trading in the US on July 23 are negative $364 million.
Pressure from Large Holders
Despite expectations of a price increase for ETH following the launch of its ETF in the US, the impact has been limited so far.
From July 23 to Aug. 4, before the broader market crash, Ethereum’s price dropped by 20.6%. One of the main factors driving this decline is the outflows from Grayscale’s ETHE, which are putting pressure on the token’s performance.
Moreover, large holders are moving ETH with intentions to sell. Asset manager Metalpha and an unidentified whale transferred nearly $73 million to a Binance deposit address on Aug. 5.
Recently, a Twitter user known as Lookonchain highlighted that market maker Jump Crypto continues to unstake ETH from Lido and move it to exchanges.
On the morning of Aug. 7, the firm claimed 11,501 ETH from Lido for sale and redeemed 19,049 ETH in another potential selling move.
Additionally, Ethereum addresses associated with the PlusToken Ponzi scheme, shut down by Chinese authorities in November 2020, moved $464.7 million in ETH on Aug. 7, according to Arkham Intelligence.
As a result, Ethereum’s price has dropped by 6.5% in the past 24 hours, making it the worst-performing among the top 10 largest cryptocurrencies by market cap.
Ethereum Market Data
At the time of writing, 8:48 pm UTC on Aug. 7, 2024, Ethereum is ranked #2 by market cap with a price decrease of 6.14% in the past 24 hours. Ethereum’s market capitalization is $282.57 billion with a 24-hour trading volume of $24.04 billion. Learn more about Ethereum ›
Crypto Market Summary
At the time of writing, 8:48 pm UTC on Aug. 7, 2024, the total crypto market is valued at $1.93 trillion with a 24-hour volume of $94.95 billion. Bitcoin dominance is currently at 56.06%. Learn more about the crypto market ›
