Ethereum ETFs Record Historic Increase in Weekly Inflows
Ethereum ETFs have achieved a significant milestone by registering their first-ever positive weekly flows. According to Arkham Intelligence, ETH ETFs saw a net inflow of 31,500 ETH, amounting to $75.07 million, in the previous week.
BlackRock, a prominent asset management firm, led the influx by acquiring an impressive $168.55 million worth of ETH. A notable daily on-chain inflow for BlackRock occurred on August 7, with a single-day receipt of $108.02 million in ETH.
This development marks a historic shift in market sentiment towards Ethereum, following the commencement of Ethereum ETF trading in the U.S. in late July. This move signifies a significant step in the increased incorporation of digital assets into mainstream financial systems.
The crypto community has responded positively to this milestone for Ethereum ETFs. Crypto analyst Michael Van de Poppe highlighted the significance of recent developments, suggesting a potential strong upward trend for the Ethereum ecosystem if the net inflow exceeds $50 million for the week.
SoSoValue reported daily net inflows of $4.93 million into U.S.-listed spot Ethereum ETFs on Monday. Among the notable inflows, Fidelity and Franklin Templeton recorded $3.98 million and $1 million, respectively, while Bitwise saw $2.86 million in positive flows, with Grayscale’s two funds showing no flows.
Recent data from CoinShares indicates that digital asset investment products received total inflows of $176 million over the past week as investors viewed the recent market weakness as a buying opportunity.
Ethereum emerged as the top gainer amidst the recent market downturn, attracting inflows of $155 million last week. This surge brings its year-to-date inflows to $862 million, the highest since 2021, primarily driven by the introduction of U.S. spot-based ETFs.
As of the latest update, ETH, along with the broader crypto market, experienced a 1.02% decline in the last 24 hours, with its price standing at $2,645.
