Spot Ethereum ETFs Record $4.9 Million Inflows As Grayscale’s Fund Stops Bleeding And CoinShares Says Investors Favored ETH Over BTC Last Week

BySteven Walgenbach

Updated: 13 August 2024

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Spot Ethereum ETFs (exchange-traded funds) recorded $4.9 million inflows yesterday after Grayscale’s Ethereum Trust ended its negative streak and as CoinShares says investors favored ETH funds over BTC investment products in the recent market rebound.

Data from SosoValue shows the 9 spot Ethereum ETFs recorded inflows yesterday after suffering negative flows for 3 consecutive days. Meanwhile, Grayscale’s Ethereum Trust (ETHE) logged zero flows for the first time since its conversion into an ETF, bringing an end to 14 days of outflows.

VanEck’s Fund is the Only One Among the Spot Ethereum ETFs to Record Outflows

VanEck’s ETHV was the only spot Ethereum ETF to experience negative flows on Aug. 12. ETHV recorded outflows for the first time since July 23 after $2.92 million left its reserves.

During the same period, Fidelity’s FETH posted $3.98 million in net inflows, while Franklin’s EZET saw approximately $1.01 million in inflows yesterday. Bitwise’s ETHW also registered positive flows after $2.86 million entered the fund.

In addition to the net inflows, the collective trading volume for the spot Ethereum ETFs also increased. On Aug. 12, volumes reached $286 million, which was a more than $100 million uptick compared to Aug. 9.

Investors Favored ETH Over BTC In Latest Market Recovery

CoinShares said in its weekly Digital Asset Fund Flows report on Aug. 12 that $176 million entered crypto asset management products last week. Ethereum funds accounted for the majority of the inflows, attracting $155 million. This adds up to around 88% of the total inflows.

📈 Inflows rebound amid market correction! Digital asset investment products saw inflows totalling US$176m: #Ethereum has benefited the most from the recent market correction, with inflows of US$155m last week.

For more insights, read our full report: https://t.co/zmIGby5elC pic.twitter.com/CsDMUIpj4x

— CoinShares (@CoinSharesCo) August 12, 2024

With the recent capital injection, the year-to-date inflows for Ethereum-based funds has reached $862 million. This is the highest amount since 2021, according to CoinShares, who added that this is “largely due to the launch of US spot-based ETFs.”

Over the past 24 hours, Ethereum managed to achieve a more than 3% gain to trade at $2,648.86 as of 3:32 a.m. EST. Bitcoin only managed to record a 1% gain throughout the past day of trading. The leading crypto is still priced below the $60K mark.