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07/23 19:07

Spot Ethereum ETFs Attract $533 Million, 13 Days o

Spot Ethereum ETFs Attract $533 Million, 13 Days of Inflows, Total Funds Exceed $4 Billion

According to SoSoValue, spot Ethereum ETFs continued their bullish momentum on Tuesday, recording $533.87 million in net inflows, 13 consecutive trading days of inflows.

BlackRock's iShares Ethereum Trust (ETHA) led the gains, with daily net inflows of $426.22 million. The fund currently holds more than $10 billion in assets, accounting for the largest share of the Ethereum ETF market.

ETH

$3,670. Fidelity's FETH followed closely behind, with inflows of $35 million.

Inflows into spot Ethereum ETFs were mainly driven by the decline in BTC dominance and the increased interest of institutional investors in ETH investments. “This demand trend is likely to continue as liquidity strengthens and the macro environment stabilizes,” Vincent Liu, chief investment officer at Kronos Research, told Cointelegraph.

Cumulative net inflows across all Ethereum ETFs have now exceeded $8.32 billion, up from $4.25 billion starting on July 2. The total net assets locked in these products have reached $19.85 billion, accounting for 4.44% of Ethereum’s market cap.

Spot Ethereum ETFs have seen $4 billion in inflows for 13 consecutive days

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The 13-day net inflows since July 3 totaled more than $4 billion. In addition, Ethereum ETFs also saw a record daily inflow of $726.74 million on July 16. On Thursday, Ethereum ETPs raised $602.02 million, the second-highest amount to date.

“ETP investors continue to significantly undervalue Ethereum: despite ETH’s market cap being about 19% of BTC, Ethereum ETPs hold less than 12% of the assets of Bitcoin ETPs,” Matt Hougan, Bitwise’s chief investment officer, wrote in a post on Platform X on Tuesday.

He said the trend of companies holding ETH on their balance sheets could accelerate. He estimated that demand for ETH from exchange-traded products (ETPs) and these companies could reach $20 billion over the next year, or about 5.33 million ETH at current prices.

In contrast, the Ethereum network is expected to issue only 800,000 ETH in the period, meaning demand could exceed supply by nearly seven times.

“In the short term, the price of everything is determined by supply and demand. Right now, demand for ETH far outstrips new supply.” “I suspect prices will go even higher,” he said.

Lookonchain revealed in an X post on Wednesday that five new wallets withdrew a total of 76,987 ETH ($285 million) from Krkn on Wednesday, indicating an accumulation trend in the market and a reduction in exchange supply.

Spot Bitcoin ETFs see net outflows of $67 million

Meanwhile, spot Bitcoin ETFs saw net outflows of $67.93 million on Tuesday. The largest withdrawals came from Bitwise’s BITB and Ark’s ARKB, which saw daily net outflows of $42.27 million and $33.18 million, respectively. Grayscale’s GBTC was the only product to make a profit, recording a small inflow of $7.51 million.

The pullback follows a wave of institutional buying in early July, with inflows of $1.18 billion on July 10 and $1.03 billion on July 11.

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