Ethereum ETFs Attract $24 Million Inflows as Analyst Predicts Price Surge
Positive indications are on the horizon for Ethereum (ETH), suggesting a possible future upsurge. Ethereum-based spot ETFs have recently piqued the interest of investors. SoSoValue reports that these ETFs experienced daily inflows of $24.34 million on August 13. This marked the second consecutive day of inflows, following $4.93 million inflows the day before.
The Total Net Assets of the ETH ETFs now reach an impressive $7.65 billion, representing 2.36% of the total Ethereum market capitalization. BlackRock’s Ethereum ETF led the market with $49.12 million in inflows yesterday, accumulating net inflows of $950.38 million.
Fidelity’s Ethereum ETF followed suit, attracting $5.41 million in inflows on the same day and totaling net inflows of $351.1 million. Conversely, Grayscale’s ETHE continued its trend of outflows, witnessing a daily outflow of $31.01 million and cumulative net outflows of $2.38 billion.
Analysts in the crypto space view these consistent inflows into Ethereum spot ETFs positively. While significant inflows have not been observed since their inception, there is an anticipation of a gradual uptick in trading activity for these products. Additionally, macroeconomic circumstances have tempered investor confidence in such assets.
As overall financial conditions improve, ETH ETFs are primed to outperform their current status. Nevertheless, some analysts interpret the current influx of funds as a promising sign. It is widely believed that the growing interest in these ETFs could inject a bullish momentum into the price of ETH.
Renowned cryptocurrency trader and analyst Michaël van de Poppe noted that Ethereum ETFs are demonstrating steady performance with consistent inflows. He predicts that this trend is likely to persist in the near future, coinciding with a gradual ascent in the price of Ethereum.
