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Ethereum ETF Launch Attracts $2.2 Bln Influx, But There’s A Catch

CoinShares reported a surge in weekly trading volume to $14.8 billion following the launch of the US Spot Ethereum ETF last week.
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Ethereum ETF Launch Attracts $2.2 Bln Influx, But There’s A Catch

Highlights

  • Ethereum ETP products saw trading volumes surge by 542% last week.
  • Grayscale Ethereum ETF outflows led to net negative flows in the first week.
  • Bitcoin ETF inflows continues surging past over $3.6 billion month-to-date.

CoinShares’ latest report reveals that the introduction of spot Ethereum ETFs last week injected a record $2.2 billion into the crypto market. It marks the largest weekly influx since December 2020. However, a significant selling pressure in products like Grayscale’s ETHE appears to have dampened the overall enthusiasm.

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Grayscale Ethereum ETF Plays the Spoilsport

Within the first week of launch, the Grayscale Ethereum ETF (ETHE) saw outflows to the tune of $1.5 billion, or nearly 20% of the assets under management. BlackRock, Fidelity, Bitwise, and other ETFs witnessed a total of net inflows of $1.18 billion in the first week. Thus, the net outflows for the Ether ETFs in the first week stood at $338 million. However, the Ether ETP products worldwide saw trading volumes surge by 542%.

Also Read: Nate Geraci Calls Spot Ether ETFs A Success Despite Outflows

CoinShares notes that this is a similar situation to what happened in the Bitcoin ETF market within the first week of launch. Last week, the spot Bitcoin ETFs in the US registered inflows of $519 million, thereby taking the monthly inflows to $3.6 billion and 2024 inflows to $19 billion.

With flows into either direction, the inflows into digital asset investment products last week remain muted at $245 million, reported CoinShares. However, the Ethereum ETF launch helped the trading volumes to surge to the highest levels since May at $14.8 billion last week.

Recent price appreciation has increased total assets under management (AuM) to US$99.1 billion, with year-to-date (YTD) inflows reaching a record-breaking US$20.5 billion.

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Ethereum Price Action Ahead

The Ethereum price is showing strength gaining more than 4.8% in the last 24 hours and trading closer to $3,400. As per data from CryptoQuant, the ETH open interest has surged by $1.5 billion in the last three weeks. With the surge in leveraged trading, liquidations become inevitable. CryptoQuant notes that one can expect greater volatility going ahead.

Also Read: Ethereum Price Poised for Rebound as Institutional Interest Hits Record High

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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