Spot Ethereum (ETH) exchange-traded funds (ETFs) recorded an inflow of $98.4 million on August 6, the second-largest inflow since the funds began trading in July, based on Farside Investors facts.
Notably, this was the second consecutive day of inflows for spot Ethereum ETFs traded in the US, worth $147.2 million. BlackRock’s ETHA assets under management (AUM) grew by nearly $110 million on August 6, while Fidelity’s FETH recorded inflows of $22.5 million.
Meanwhile, Grayscale’s ETHE continued to record outflows, with August 11 being negative for eleven consecutive trading days. However, the fund posted the lowest amount of daily outflows since converting from a trust to an ETF.
As of August 6, the net flows of the eight Ethereum ETFs traded in the US on July 23 were negative $364 million.
Large holders of pressure
Despite optimistic predictions that the price of ETH will rise following the launch of the ETF in the US, the event has not had a substantial impact so far.
From July 23 to August 4, before the broad crash that hit the crypto market, Ethereum’s price registered a 20.6% decline. The first major factor driving the price down is Grayscale’s ETHE outflow, as the sell-off puts pressure on the token’s performance.
Furthermore, large holders are moving ETH with clear selling intent. Asset manager Metalpha and an unknown whale transferred nearly $73 million to a Binance deposit address on August 5.
Recently, the X user (formerly Twitter) was identified as Lookonchain marked that market maker Jump Crypto continues to withdraw ETH from Lido and move it to exchanges.
On the morning of August 7, the company claimed 11,501 ETH from Lido and transferred it to sale. It also cashed out 19,049 ETH in another potential selling move.
Meanwhile, Ethereum addresses linked to the PlusToken Ponzi scheme that was shut down by Chinese authorities in November 2020 also moved $464.7 million worth of ETH on August 7. according to to Arkham Intelligence.
As a result, Ethereum The price has fallen 6.5% in the last 24 hours, showing the worst daily performance among the top 10 largest cryptocurrencies by market capitalization.
Ethereum Market Data
At the time of printing 20:48 UTC on August 7, 2024Ethereum is number 2 in terms of market capitalization and so is its price down 6.14% in the last 24 hours. Ethereum has a market capitalization of $282.57 billion with a 24-hour trading volume of $24.04 billion. Learn more about Ethereum ›
Summary of the crypto market
At the time of printing 20:48 UTC on August 7, 2024the total crypto market is valued at € $1.93 trillion with a 24 hour volume of $94.95 billion. Bitcoin’s dominance currently stands at 56.06%. Learn more about the crypto market ›
