Ethereum [ETH] ETF inflows recover: What’s driving the surge?

ETH

As a seasoned researcher with years of experience in the cryptocurrency market, I must admit that the recent developments in Ethereum (ETH) ETFs have piqued my interest. The contrast between Grayscale’s ETHE and BlackRock’s ETHA is quite striking, much like night and day.

Following a lengthy spell of withdrawals, Ethereum [ETH] Exchange-Traded Funds (ETFs) have started to bounce back, reporting net deposits of $5 million on the 12th of August and a substantial $24.3 million on the 13th of August.

ETH ETF update

On the 12th of August, there was a momentary pause in the 19-day run of redemptions for Grayscale’s ETHE, a prominent Ethereum ETF, hinting at a potential change in direction according to Farside Investors. This brief interruption could be seen as a positive sign.

However, the optimism was short-lived, as ETHE resumed its outflow trend the following day, with a significant $31 million outflow on the 13th of August

Instead, it’s worth noting that since its debut, BlackRock’s ETHA has been drawing in significant investor interest, suggesting a high level of confidence.

On August 13th, ETHA received approximately $49.1 million, adding to its accumulated inflows which now stand at a staggering $950.2 million.

Contrarily, Grayscale’s ETHE has faced difficulties, with a total outflow of approximately $2.327 billion, highlighting the contrasting successes experienced by these two significant Ethereum ETFs.

Community weighs in on ETH ETF

Emphasizing the improved results seen in Exchange Traded Funds (ETFs) based on Ethereum (ETH), and making comparisons to the past experiences with Bitcoin [BTC] ETFs, Co-Bliver at nftfnofficial, Vikas Singh noted:

Ethereum [ETH] ETF inflows recover: What’s driving the surge?

However, X (formerly Twitter) user CryptoMutant believes,

“ETH is taking over BTC.”

How is ETH performing?

Amid this shift, Ethereum’s price also showed positive movement, approaching the $3,000 level.

As per the recent information from CoinMarketCap, Ethereum (ETH) has seen a 2.70% increase in value within the last day, currently being traded at approximately $2,722.09.

As long as the Relative Strength Index (RSI) stays below its neutral point, it indicates a downward trend. However, the expanding Bollinger Bands along with the price staying within them hints at a possible shift where buyers could soon overpower sellers.

Ethereum [ETH] ETF inflows recover: What’s driving the surge?

Remarking on the same, an X user Crypto Maximalist noted,

“$3k #ETH is around the corner.”

However, Mr. Huber put it best when he articulated,

“Ethereum is the Mr.Beast of crypto!”

2024-08-14 13:12

ETH ETF update

Community weighs in on ETH ETF

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