Investors poured millions of dollars into U.S.-based Ethereum spot exchange-traded funds on Monday, despite global markets being volatile due to widespread sell-offs and recession fears.
The Dow Jones Industrial Average fell 2.6%, the S&P 500 fell 3% and the Nasdaq Composite dropped 3.43%, marking the worst day for these indexes since September 2022.
The declines were driven largely by disappointing US jobs data and shrinking manufacturing activity, raising concerns of a recession.
Japan's Nikkei 225 index also fell more than 12%, its biggest one-day drop since 1987, following the Bank of Japan's surprise decision to raise interest rates last month.
Despite the volatile market backdrop, Ethereum ETFs saw positive daily net inflows on Monday, totaling $48.73 million, according to SoSoValue data.
Ethereum ETF Inflows | Source: SoSoValue
This is the second-largest daily net inflow since the funds were approved on July 23. Ethereum has recovered from Monday's sell-off, rising more than 10% to $2,500 at press time, according to CoinGecko data.
“ETFs will become an increasingly important indicator of the health of the crypto market,” said Pav Hundal, chief market analyst at crypto exchange Swyftx.
“The market had a bad day yesterday and we saw indiscriminate sell-offs that caused large liquidation events,” he said. “Meanwhile, ETF investors with long-term strategies remained calm and bought ETH.”
Even with its strong daily performance, the cumulative net outflow total remained at -$461.98 million, reflecting the large outflows in previous weeks.
Cumulative net outflow shows the overall trend of capital inflows or outflows from ETFs. It is essentially the sum of all daily net flows up to and including a particular day.
Like Bitcoin before it, Grayscale's Ethereum ETF continues to see cumulative net inflows, with a cumulative net inflow total of -$2.16 billion.
All eight other listed funds, including those from Fidelity and BlackRock, have recorded positive daily and cumulative net inflows since launching two weeks ago.
Despite the renewed interest in Ethereum ETFs, the overall sentiment remains cautious, Hundal said.
“If inflows remain strong or steady, that’s a good sign that smart money expects this to be a short-term market correction,” Hundal said. “If we start to see persistent or inactive outflows, that could signal the beginning of something more dangerous.”
Bitcoin ETFs have also faced significant volatility. On Monday, U.S. funds recorded daily net inflows of $168.44 million, contributing to a cumulative net inflow of $17.34 billion.
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