Ethereum (ETH)-linked ETFs have seen their first positive weekly inflow, with $104.76 million coming in during the third week of trading. This is a notable achievement for these ETFs. However, since their launch in July 2024, Ethereumâs price has been quite unstable
In the last 30 days, it has dropped nearly 18%, falling from about $3,500 to $2,200. This shows that Ethereumâs price can be very volatile even with the positive ETF inflows.
Recent Performance of Ethereum ETFs
According to Sosovalue data, Ethereum ETFs saw a positive inflow of $104.76 million during the week of August 5 to August 9. The BlackRock iShares Ethereum Trust ETF led with a net inflow of $188 million, while Fidelityâs FETH saw a positive flow of $44.65 million during the same period.
In contrast, the first week of ETH ETF trading experienced an outflow of $341.35 million, and the second week saw an outflow of $169.35 million. The Grayscale Ethereum Trust (ETHE) reported an outflow of $180 million last week and has a cumulative negative flow of $2.30 billion. Meanwhile, BlackRockâs ETHA recorded an inflow of $901 million.
The launch of nine US spot Bitcoin ETFs in January, followed by the introduction of Ether ETFs, marks a significant milestone for the crypto industryâs push to mainstream digital assets. While Ether ETFs were not expected to match the inflows of Bitcoin ETFs, they have shown soSource: Sosovalueme positive movement.
Despite a significant downturn, with Ethereumâs price dropping 18% over the past 30 days and 27% over the past 60 days, it has recently shown signs of recovery. Over the last week, ETHâs price increased by about 9%, reflecting a positive momentum for the ETFs.
Major Ethereum Whale Moves and Market Impact
According to an X post by EmberCN, a 2015 Ethereum ICO whale with 1 million ETH transferred 48,500 ETH, valued at approximately $154 million, to OKX over the past month. Despite this significant move, the whale still holds 15,600 ETH. The address cluster associated with this whale might control a total of 682,000 ETH, worth around $1.756 billion.
This large transfer could create substantial selling pressure on Ethereum. Over the past 24 hours, ETHâs price has fallen by more than 4%, trading at an average price of $2,538. During this period, trading volume for ETH surged by 66% to $14.84 billion.
Amid these developments, Ethereum network gas fees have reached a five-year low. On August 10, the median gas fee dropped below 2 gwei for the first time in five years.
â ïžDisclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
