Gairika Mitra
Spot ether ETFs had recorded a net inflow of $48.73 million on Monday despite the market downturn. Spot ether ETFs began trading only last month and have amassed a total net outflow of around $461.98 million.
BlackRock’s iShares ETF (ETHA) has been leading the charge. Currently, ETHA has seen cumulative net inflows of around $760 million. According to SoSoValue, a blockchain analysis firm, BlackRock’s ETHA continued leading the inflow charge with a whopping $47.09 million in net inflows.
VanEck’s Ethereum ETF (ETHV) secured $16.62 million in net inflows, which is its second-largest day since its launch. Fidelity’s Ethereum Fund (FETH) bagged $16.15 million, bringing its cumulative net inflows to $313.2 million.
Showing some signs of bullishness, Grayscale’s Ethereum Mini Trust (ETH) fetched $7.59 million, taking its net inflows to $208.49 million. Bitwise Ethereum ETF (ETHW) added $7.2 million to its cumulative net inflows, totaling $295.19 million.
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Lastly, Franklin Templeton’s Ethereum ETF fetched $908,380, bringing the fund’s net assets up to $24.53 million.
Commentary and Market Sentiment
Social media has been abuzz with this development. In a post on X, IBC Group (@ibcgroupio), a company specializing in blockchain consulting, said that ETH’s recovery to $2,500 coincides with Ether ETFs seeing inflows of $48.8 million. This points to the fact that institutional investors are looking at long-term prospects, even during a turbulent market phase.
On the other hand, Coinalyze (@coinalyzetool) shared a screenshot of Ethereum’s trading volume and revealed it was the highest since May 2021.
This data represents a pivotal shift in how people perceive Ethereum. If current dynamics persist, it is likely that Ethereum will gain strength and pave the way for more adoption and integration into traditional financial portfolios.
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The Ethereum exchange-traded funds first started trading last week with a staggering $1.07 billion in shares.
Read More
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GAIRIKA
Gairika is a cryptocurrency journalist with a focus on Bitcoin and blockchain technology.
