Ethereum ETFs Still in Red While BlackRock Bucks Trend By Topping $1 Billion Inflows
Key Takeaways
• Cumulative outflows for the past five days are approaching $100 million.
• BlackRock’s ETH ETF is the first to surpass $1 billion in net inflows.
• Grayscale’s primary Ethereum fund outflows have reached $2.5 billion.
U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) have posted net outflows for yet another day, marking the longest streak since launch.
While the ETH ETF market appears to be on a losing streak, Grayscale’s outflows are the main driver behind the negative daily flow results.
Ethereum ETFs
Per data from SoSoValue, Ethereum ETFs have seen $17.97 million in net outflows for Aug. 21, 2024, bringing their cumulative net outflows to $458 million
Fidelity’s Ethereum Fund (FETH) secured the top spot for inflows, posting $7.93 million in gains. FETH is the second-best performing fund in cumulative net inflows, which now stand at $375.43 million.
Closing the gap is the Grayscale Ethereum Mini Trust, which tallied $4.24 million in net inflows, bringing its cumulative total to $232.08 million.
After a six-day neutral flow streak, the Franklin Templeton Ethereum Trust (EZET) has emerged as an unlikely victor amid today’s outflows. It secured a cool $1 million for its fund, bringing EZET’s cumulative net inflow to $36.33 million, ranking it sixth amongst other funds.
All other funds, except for one, posted neutral flows. The Grayscale Ethereum Trust (ETHE) saw its seventh day of outflows, shedding $31.14 million from its fund.
BlackRock ETFs Up
BlackRock’s iShares Ethereum Trust (ETHA) is still on top despite posting neutral flows. After drawing in a modest $26.77 million on Aug. 20, ETHA surpassed $1 billion in cumulative net inflows and is the first ETH ETF to do so.
Having recorded just five days of neutral flows, ETHA is yet to see a single day of net outflows.
The firm’s management fees aren’t exactly competitive and sit at 0.25%, which is just above or the same as a majority of other funds. Of course.
