Ethereum ETFs inflows are surging. On August 1, Ethereum ETFs saw a net inflow of $26.7 million, with BlackRock’s iShares Ethereum Trust (ETHA) leading the charge with an $89.6 million inflow, according to Faride Investors.
Grayscale’s Outflows Top $2 Billion
Meanwhile, Grayscale’s Ethereum Trust (ETHE) isn’t having the best time. It experienced outflows of $78 million on the same day, pushing cumulative outflows past $2 billion since it became a spot ETF. This isn’t surprising given ETHE’s history as a trust, holding $9 billion in Ether before its conversion.
Analysts Weigh In
Steno Research’s senior analyst, Mads Eberhardt, believes these massive outflows will slow down soon. “It’s likely the massive outflows from Grayscale’s ETHE will begin to subside by the end of the week,” he noted. This could be good news for Ethereum’s price.
What Is the Price of ETH?
Kaiko’s head of indexes, Will Cai, pointed out that ETH’s price is “sensitive” to inflows into these spot products. Reflecting this, ETH is currently trading at $3,155.75, down 8.7% since the ETFs launched.
The market’s next moves could be critical, so keep an eye on those ETF flows.
