- ETH ETFs faced outflows, while BlackRock’s ETHA neared $1 billion in inflows.
Grayscale’s GBTC and ETHE saw significant outflows, while BlackRock’s IBIT attracted inflows.
As a seasoned researcher with over a decade of experience observing the cryptocurrency market, I find myself both intrigued and slightly amused by the current state of Ethereum ETFs. On one hand, we have BlackRock’s ETHA breaking records with inflows nearing $1 billion, while on the other, we see Grayscale’s ETHE facing outflows projected to reach a staggering $2.5 billion.
Exchange-Traded Funds (ETFs) tied to Ethereum [ETH] haven’t been able to keep pace with the returns seen in Bitcoin [BTC] ETFs.
Although Bitcoin ETFs often see large amounts of money flowing in, setting new records, the growth of Ethereum ETFs has been slower by comparison.
BlackRock’s Ethereum ETF update
On the 9th of August, when the market closed, ETFs related to Ethereum (ETH) reported a combined withdrawal of approximately $89.7 million, as per Farside Investors’ data.
It’s worth noting that unlike other Ethereum ETFs, including Grayscale’s ETHE, which have seen consistent withdrawals since they were introduced, BlackRock’s ETHA is nearing a notable achievement.
By the 9th of August, ETHA had amassed approximately $901 million in total inflows, with just a bit more needed to reach the $1 billion milestone.
Execs weighing in
That being said, Nate Geraci, President of The ETF Store, expressed strong confidence in ETHA, and said,
“The iShares Ethereum ETF has amassed over $900 million in just under three weeks, and it’s highly probable that this figure will reach the $1 billion mark this week. As I’ve mentioned before, the Ethereum Trust Fund is already among the top six launches of 2024, with four out of the other five being Bitcoin Spot ETFs.”
Nevertheless, it appeared that not all individuals were pleased with this announcement, as suggested by the creator of Rug Radio, Daito.
“Can’t believe institutional investors are buying this sh*tcoin.”
Grayscale’s ETHE breaks record
Conversely, Grayscale’s ETHE is nearing an impressive landmark, as projections suggest that withdrawals may surpass $2.5 billion.
Not only Exchange-Traded Funds focused on Ethereum are encountering difficulties, but Grayscale’s Bitcoin ETF (GBTC) has been dealing with a prolonged period of assets leaving the fund, amounting to a total outflow of approximately $19.451 billion since its inception.
On the flip side, the Bitcoin ETF from BlackRock, known as IBIT, has experienced a significant surge in investments, accumulating a total of $20.317 billion during the same timeframe.
Impact on ETH’s price
Currently, Ethereum (ETH) is having a tough time surpassing the $3,000 mark. According to CoinMarketCap, ETH has dropped by 4.53%, and at this moment, it’s being traded at $2,575.71.
In simpler terms, the Relative Strength Index (RSI), which measures the speed and direction of price movements, continues to suggest a downward trend since its value is below 50 at 36. Yet, the expanded Bollinger Bands hint that there might be an impending change in trend direction, possibly indicating a reversal from bearish to bullish.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- Top gainers and losers
- LOKA PREDICTION. LOKA cryptocurrency
- ELK PREDICTION. ELK cryptocurrency
- GOAL PREDICTION. GOAL cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- WOOF PREDICTION. WOOF cryptocurrency
- BOO PREDICTION. BOO cryptocurrency
- CTC PREDICTION. CTC cryptocurrency
2024-08-12 16:40