According to Coinelegraph: For the first time since their launch on July 23, U.S.-based spot Ether exchange-traded funds (ETFs) have recorded positive net inflows. According to data from ETF tracker SoSoValue, the nine newly launched spot Ether ETFs collectively saw net inflows of $104.8 million for the week beginning August 5, despite a significant downturn in Ether’s price.
The total trading volume for these ETFs reached $1.9 billion, bringing their combined net assets to $7.3 billion as of August 9. This positive inflow occurred even as ETH, the underlying asset, experienced a 23% decline in value since the start of August.
BlackRock's iShares Ethereum Trust Leads the Pack
Among the nine ETFs, BlackRock’s iShares Ethereum Trust led with $188.4 million in net inflows, boosting its total to over $900 million within just 13 days of trading. Notably, the BlackRock fund has not recorded a single outflow day since its inception.
Fidelity's Ethereum Fund followed as a close competitor, recording $44.65 million in inflows last week, bringing its total assets under management to $342 million.
Other funds that saw positive net inflows included:
Grayscale’s Mini Ethereum Trust: $19.8 million
VanEck Ethereum ETF: $16.6 million
Bitwise Ethereum ETF: $11.7 million
Franklin Ethereum ETF: $3.7 million
Mixed Performance Across Ether ETFs
While six of the nine funds recorded positive net flows, not all performed equally. 21Shares Core Ethereum ETF and the Invesco Galaxy Ethereum ETF reported zero net flows for the week.
Despite the overall positive trend, Grayscale’s main Ethereum Trust faced significant outflows, losing $180 million during the week. This continued outflow from Grayscale's spot Ether ETF, which now totals $2.3 billion, has contributed to an overall net outflow of $406.4 million across all nine funds, according to Farside Investors.
Future Prospects for Ether ETFs
Amid these developments, ETF issuers are moving forward with plans to introduce options products for their spot ETH funds. On August 7, the NYSE American proposed a rule change to allow it to list and trade options contracts for three ETH ETFs from Grayscale and Bitwise, signaling potential growth and diversification in the Ether ETF market.
This marked week of positive inflows suggests a renewed interest in Ether ETFs, despite the challenging market conditions for the underlying asset. As the market evolves, the performance and reception of these ETFs will be closely watched by investors and analysts alike.
