Ethereum (ETH) linked exchange-traded fund (ETF) weekly inflow turns green for the first time since the launch of the investment products. Ether ETFs inflow recorded an inflow of $104.76 million in the 3rd week of its trading history.
Ethereum price has seen higher volatility after the debut trading of ETH linked ETFs from July 2024. The second biggest crypto recorded a drop of almost 18% in the last 30 days. Its price dropped straight from the $3,500 zone to $2,200 over this period.
Ether ETFs print weekly green
As per Sosovalue data , the last week beginning from August 5 to August 9 saw Ether ETFs bagging in an inflow of $104.76 million. BlackRock iShares Ethereum Trust ETF posted a net inflow of $188 million, while, Fidelity’ FETH had a positive flow of $44.65 million in the same period.
The first week of ETH ETFs trading saw a $341.35 million outflow. The second week of trading posted an outflow of $169.35 million.
Grayscale Ethereum Trust (ETHE) reported an outflow of $180 million in the last week of trading. ETHE holds a cumulative flow of negative $2.30 billion while players like BlackRock’s ETHA have an inflow of $901 million.
The launch of nine US spot Bitcoin ETFs in January and the recent arrival of Ether ETFs signaled a massive victory for the crypto industry’s efforts to mainstream digital assets. It was expected that Ether ETFs may not see the same inflows as Bitcoin ETFs.
Source: Sosovalue
Ether has suffered a lot in the recent downturn as its price dropped by 18% and 27% in the last 30 days and 60 days, respectively. However, it managed to perform a recovery over the last week. ETH price jumped by around 9% in the past 7 days reflecting the positive momentum going on for the ETFs.
Eth ICO whale moves coins worth $154 million to OKX
In an X post , EmberCN reported that a 2015 ETH ICO whale with 1 million Ether moved 48,500 of the coins (approx worth $154 million) to OKX over the past month. The whale still holds 15,600 ETH while this whale address cluster might hold a total of 682,000 ETH, (approx worth $1.756 billion), it added.
This move might create massive selling pressure on the biggest altcoin. ETH price dropped by more than 4% in the last 24 hours. Ether is trading at an average price of $2,538, at the press time. Its 24 hour trading volume spiked by 66% to stand at $14.84 billion.
Ethereum network gas fees reportedly reached a 5-year low amid the recent move. Data shows that on August 10, the median gas fee dropped below 2 gwei for the first time in five years.
