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    Home»ETFs»Spot Ethereum ETFs Receive Inflows Despite Market Plunge
    ETFs

    Spot Ethereum ETFs Receive Inflows Despite Market Plunge

    August 6, 2024


    Hand holding a silver Ethereum (ETH) cryptocurrency coin with candle stick graph chart and digital background.

    Hand holding a silver Ethereum (ETH) cryptocurrency coin with candle stick graph chart and digital background.

    Newly launched spot Ethereum ETFs generated inflows Monday, a rare bright spot on a day when risk-on assets, including cryptocurrencies, plunged.

    The positive flows occurred even as ether, the crypto that the spot Ethereum funds track, dropped more than 25% at one point Monday from the previous day, according to data from CoinMarketCap. It has recently recovered some of the lost ground to trade at about $2,500, up 4.5% from Monday, same time.

    The Ethereum ETFs recorded $48.8 million in inflows, according to data from U.K. asset manager Farside Investors.

    ETHA Fund Flows ChartETHA Fund Flows Chart

    ETHA Fund Flows Chart

    BlackRock’s iShares Ethereum Trust (ETHA) led the pack with $47.1 million in inflows. VanEck Ethereum ETF (ETHV) and Fidelity Ethereum Fund (FETH) each pulled in about $16 million. The Grayscale Ethereum Mini Trust (ETH) saw inflows of $7.6 million.

    The nine spot Ethereum ETFs debuted on July 23—the second group of funds based on the ongoing price of a major cryptocurrency. Spot Bitcoin ETFs started trading on Jan. 11 following nearly a decade of resistance by the Securities and Exchange Commission (SEC) to such products.

    Ether is second largest cryptocurrency by market capitalization with a roughly $300 billion market capitalization. Bitcoin has a more than $1.1 trillion market cap, according to CoinMarketCap.

    Spot Ethereum Net Outflows

    The Grayscale Ethereum Trust (ETHE) had $46.8 million in outflows, the only product to experience outflows on Monday. The fund differs from the other spot Ethereum funds because it is a conversion from an existing trust and carries the highest expense ratio, 2.5%.

    Spot Ethereum ETFs have recorded net outflows of $462.4 million in their nearly two weeks of trading, as ETHE’s over $2.1 billion in outflows have outpaced inflows to the other spot Ethereum funds. Still, the funds’ debut has been considered largely a success.

    A market downturn tied to fresh angst over a potential U.S. recession and other macroeconomic uncertainties caused all three major indices to sink and tech and consumer discretionary ETFs to slump on Monday. The S&P 500 and tech-heavy Nasdaq dropped 3% and 3.4%, respectively.

    Spot Bitcoin ETFs on Monday generated $168.4 million in net outflows, according to Farside. The Grayscale Bitcoin Trust ETF (GBTC) and ARK 21Shares Bitcoin ETF (ARKB) led the outflows, with each shedding about $69 million in assets. The 11 spot bitcoin funds have generated about $17.3 billion in net inflows since their start. 

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