$ETH ETF Gains Momentum As Data Shows First Positive Weekly Flows Since Launch
For the first time since their launch on July 23, U.S.-based spot Ether exchange-traded funds (ETFs) have reported positive net inflows. According to ETF tracker SoSoValue, these nine newly introduced ETFs experienced net inflows totaling $104.8 million for the week starting August 5.
During this period, the total trading value reached $1.9 billion, increasing the total net assets of these ETFs to $7.3 billion by August 9. This positive inflow occurred despite a significant price drop in Ether (ETH), which has declined by 23% since the beginning of August.
Six of the nine funds reported positive net flows, with BlackRock’s iShares Ethereum Trust leading with $188.4 million. Since its inception, the BlackRock fund has gathered over $900 million in assets and has not experienced a single day of outflows.
Fidelity's Ethereum Fund, its closest competitor, saw $44.65 million in inflows last week, raising its total to $342 million. Other ETFs with positive inflows included Grayscale’s Mini Ethereum Trust ($19.8 million), VanEck Ethereum ETF ($16.6 million), Bitwise Ethereum ETF ($11.7 million), and Franklin Ethereum ETF ($3.7 million).
Meanwhile, 21Shares Core Ethereum ETF and the Invesco Galaxy Ethereum ETF recorded zero net flows for the week. Overall inflows could have been higher if Grayscale’s Ethereum Trust hadn't faced $180 million in outflows during the week.
Despite these gains, Grayscale’s spot Ether ETF, which currently holds $2.3 billion, experienced overall outflows of $406.4 million across all nine funds, according to Farside Investors.
Amid these developments, ETF issuers are keen to launch options products for their spot ETH funds. On August 7, NYSE American proposed a rule change to allow listing and trading options contracts for three ETH ETFs from Grayscale and Bitwise.
