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Ethereum spot ETFs have started to sustain positive momentum after several days of stagnant growth. After they went live, these ETFs saw one day of major inflows and then they had four straight days of outflows. It was mostly due to Grayscale’s ETHE as it has been seeing outflows even today.
The market also witnessed a similar trend with Grayscale’s Bitcoin ETF. However, the other Ethereum ETFs have now started to gain investor interest and confidence. As per SosoValue, the Ethereum spot ETFs witnessed a total net inflow of around $98 million on Aug. 6.
This was the second consecutive day of inflows as they saw almost $48 million inflows on Aug. 5. This is a crucial development as the community was getting discouraged seeing the consistent outflows. Moreover, the inflows have come at a time when the market is recovering from the recent crypto crash.
BlackRock dominates ETF market
On Aug. 6, Grayscale’s ETHE had an outflow of nearly $39 million as the cumulative net outflows now stand at $2.2 billion. However, Grayscale’s newly launched ETF, named ETH, has witnessed $4.7 million inflows yesterday with cumulative net inflows of about $213 million.
But the best-performing Ethereum ETF is BlackRock’s ETHA, which had an inflow of about $110 million yesterday. Its cumulative net inflows now stand at nearly $869 million, making it the most sought-after Ethereum spot ETF in the market. Meanwhile, Fidelity’s FETH saw an inflow of almost $22 million on the same day with cumulative net inflows of about $335 million.
Overall, the total net asset value of these ETFs stand at $7.06 billion. Notably, this is about 2.36% of the total Ethereum market capitalization. It indicates how these newly launched ETFs have started to capture the market with their performance. This resurgence of Ethereum ETFs is a bullish signal as it reflects rising investor interest in the asset.