U.S. Ethereum spot ETFs reported net outflows on August 15 of $59.34million, ending an eight day streak which brought in $3.7billion in total.
Ethereum’s (ETH( ) has fallen from its near-all-time highs, to a current level of around $4450.
According to SoSoValue, BlackRock ETHA was the only ETF that maintained positive flow with $338.09 millions in a single day, while all other ETFs experienced outflows.
Grayscale ETHE, Fidelity FETH and Grayscale ETHE were the top three withdrawals.
Ethereum Price Surge Drives Institutional Interest
Inflows surged in recent weeks, coinciding with Ethereum’s rise to $4 788. This brought ETH close to its record high of 4,891 by 3%.
A price increase attracted institutional investments through ETFs. The result was a total cumulative net inflow of $12.67 Billion across all Ethereum ETFs.
BlackRock ETHA’s cumulative inflows have reached $12.16 Billion since its launch. It is the largest Ethereum ETF by assets.
Fidelity FETH is still holding $2.74 billion of cumulative inflows. This is despite recent withdrawals. The ETF has become the second biggest Ethereum ETF.
VanEck ETHV reported no flows, while Franklin EZET and smaller ETFs like ETHW and CETH had mixed results.
ETFs mirror the price movement
It is clear that investors are responding to the strength of markets by comparing Ethereum’s movement with ETF flows.
Ethereum surged above the key resistance level and began an eight-day streak of inflows as its price approached new highs.
Recent outflows can be due to profit-taking or rotation of cryptocurrency into another product.
Ethereum’s decline from $4.788 to $ 4.450 has dampened retail excitement. Lookonchain has noted that retail enthusiasm is still high. reportedAfter ten years, an Ethereum ICO participated transferred 334.7 ETH.
A participant who invested just $104 into the ICO achieved a return of 14,629 times.
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Source: crypto.news
