Spot Ethereum ETFs see $48m in inflows, crypto market rebounds
The post Spot Ethereum ETFs see $48m in inflows, crypto market rebounds appeared on BitcoinEthereumNews.com.
Spot Ethereum exchange-traded funds in the United States have started the week with inflows as the cryptocurrency market recovered from a local trench. According to data provided by Farside Investors, spot Ethereum (ETH) ETFs saw $48.8 million in net inflows on Monday, Aug. 5. Most of the inflows, worth $47.1 million, came from BlackRock’s ETHA fund, helping the ETF’s total inflows surpass the $750 million mark. VanEck’s ETHV and Fidelity’s FETH funds also recorded double-digit inflows of $16.6 million and $16.2 million, respectively. The Grayscale mini ETH ETFs and Bitwise’s ETHW witnessed $7.6 million and $7.2 million in inflows, per Farside Investors’ data. Franklin Templeton’s EZET fund recorded roughly $900,000 worth of inflows as well. On the other hand, Grayscale’s ETHE fund continued its outflux again and saw $46.8 million in outflows on Aug. 5. So far, the ETHE ETF has registered $2.16 billion in outflows since the investment products launched in the U.S. Meanwhile, spot Bitcoin (BTC) ETFs recorded $168.4 million in net outflows as the week started. The Grayscale Bitcoin Trust (GBTC), ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) ETFs saw $69.1 million, $69 million and $58 million in outflows on Aug. 5. Grayscale mini BTC fund’s VanEck Bitcoin Trust (HODL) and Bitwise Bitcoin ETF registered $21.8 million, $3 million and $2.9 million in inflows, respectively. The remaining spot BTC ETFs stayed neutral as the crypto market wandered in FUD (fear, uncertainty and doubt). Data from CoinGecko shows that the global crypto market capitalization witnessed a sharp rebound — increased by 8.6% over the past 24 hours and is sitting at $2.07 trillion. Bitcoin also recovered from the $49,000 zone and is currently trading at $55,950 at the time of writing. Ethereum regained the psychological $2,500 support line after registering a 14.4% rally…
Filed under: News - @ August 7, 2024 9:12 am