Sign Up on MEXC
Highlights
- The BlackRock Ethereum ETF (ETHA) saw net inflows of over $618 million in a week of trading.
- The Grayscale Ethereum Trust (ETHE) has seen consistent outflows, with $120 million in outflows on Tuesday.
- ETH price continues to remain stable and might see sideways consolidation.
On Tuesday, July 30, the net inflows for the spot Ethereum ETFs trading in the US turned positive with the BlackRock Ether ETF ETHA playing a crucial role with $118 million in inflows alone. The Ethereum price has remained stable amid these developments and is flirting around $3,300 as of press time.
BlackRock Ethereum ETF Hits New Milestones
Ever since the launch, BlackRock’s iShares Ether ETF has seen inflows every single day. As a result, the total ETHA inflows have now crossed more than $618 million in just six trading sessions, as per data from Farside Investors.
Additionally, the iShares Ether ETF has managed to secure a spot among the top 15 ETFs by inflows, as per data from ETH Store President Nate Geraci. With more than 330 ETFs launched so far in 2024, the iShares Ether ETF’s performance is outstanding. Nate Geraci also stated that the the top four inflows have been dominated by spot Bitcoin ETFs.
In *one* week of trading, iShares Ethereum ETF already in top 15 inflows of *all* ETFs launched this yr…
Top 15 out of approx 330 new ETFs.
Top 4 inflows all spot bitcoin ETFs btw.
— Nate Geraci (@NateGeraci) July 31, 2024
Furthermore, BlackRock CIO Samara Cohen said that model portfolios could seek exposure to Ether ETFs by the year-end.
On the other hand, the Grayscale Ethereum ETF (ETHE) has continued to see outflows for the sixth consecutive trading day. On Tuesday, the ETHE outflows stood at $120 million taking the total outflows to more than $1.8 billion.
However, Grayscales mini-ETH and Fidelity FETH saw inflows of $12.4 million and $16.4 million on Tuesday respectively. Thus, the net flows turned positive on Tuesday to the tune of $33.7 million.
The good thing is that the outflows from the Grayscale Ethereum Trust (ETHE) have been subsiding with every passing day and we could be seeing sub $100 million outflows very soon, said Mads Eberhardt a senior crypto analyst at Steno Research.
The Ethereum ETF net outflow is yet to subside, but it is likely that it will happen this week. When it does, it’s up only from there. pic.twitter.com/mJqbcyUTp5
— Mads Eberhardt (@MadsEberhardt) July 29, 2024
Also Read: Grayscale Bitcoin ETF (GBTC) Plummets 11% Ahead BTC Mini Trust Distribution
ETH Action Moving Ahead
Amid the ETF outflows, the Ethereum price has continued to stay under pressure slipping over 4.5% over the last week. At press time, ETH is trading at $3,281 with a market cap of $394 billion.
Market analysts believe that ETH could continue to show sideways action throughout August before finally breaking out in September. The Fed rate cut in September could be a major catalyst in the ETH price rally. Analysts also believe that the post-ETF rally for ETH could outshine Solana’s gains.
Also Read: Mt. Gox Transfers 45,511 Bitcoins to Repay Creditors, BTC Selloff Looms
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
