Spot Ethereum (ETH) exchange-traded funds (ETFs) saw $98.4 million in inflows on Aug. 6, the second-largest inflow since the funds began trading in July, according to Farside Investor Data.
This is the second consecutive day of inflows for U.S.-traded spot Ethereum ETFs, totaling $147.2 million. BlackRock’s ETHA assets under management (AUM) increased by nearly $110 million on August 6, while Fidelity’s FETH saw inflows of $22.5 million.
Meanwhile, Grayscale’s ETHE continued to see outflows, with August 11 marking 11 consecutive negative trading days. However, the fund saw the lowest amount of daily outflows since converting from a trust fund to an ETF.
As of August 6, net flows from the eight Ethereum ETFs that began trading in the United States on July 23 are negative $364 million.
Pressure from large holders
Despite optimistic predictions that ETH’s price would rise after its ETF launch in the US, the event has yet to have a substantial impact.
From July 23 to August 4, before the general crash that hit the cryptocurrency market, the price of Ethereum recorded a 20.6% decline. The first major factor behind the price drop was the outflow of ETHE from Grayscale, as the selling put pressure on the token’s performance.
Additionally, large holders are moving ETH with apparent selling intent. Asset manager Metalpha and an unknown whale transferred nearly $73 million to a Binance deposit address on August 5.
Recently, user X (formerly Twitter) identified as Lookonchain highlighted Market maker Jump Crypto continues its streak of dismantling ETH from Lido and moving it to exchanges.
On the morning of August 7, the company claimed 11,501 ETH from Lido and transferred them to the sale. It also bought back 19,049 ETH in another potential sell move.
Meanwhile, Ethereum addresses linked to the PlusToken Ponzi scheme shut down by Chinese authorities in November 2020 also moved $464.7 million in ETH on August 7. according to at Arkham Intelligence.
As a result, Ethereum The price is down 6.5% over the past 24 hours, posting the worst daily performance among the top 10 cryptocurrencies by market cap.
Ethereum Market Data
At the time of going to press 8:48 PM UTC August 7, 2024Ethereum is ranked #2 in terms of market capitalization and the price is down 6.14% over the past 24 hours. Ethereum has a market cap of $282.57 billion with a 24-hour trading volume of $24.04 billion. Learn more about Ethereum ›
Cryptocurrency Market Summary
At the time of going to press 8:48 PM UTC August 7, 2024The total cryptocurrency market is valued at $1.93 trillion with a 24-hour volume of $94.95 billionBitcoin dominance is currently at 56.06%. Learn more about the cryptocurrency market ›
