November 14, 2024

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Ether ETFs in the Black for the First Time After 5 Days of Inflows

by coindesk com01

“Following their listing, ether ETFs did not enjoy the same response as their bitcoin equivalents had done in January.”, — write: www.coindesk.com

  • Ether ETFs reached positive cumulative flows for the first time after five consecutive days of net inflows.
  • The funds’ cumulative flows since they listed in July are now in the black to the tune of $94.62 million.
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    • Ether (ETH) exchange-traded funds (ETFs) are showing positive cumulative flows for the first time since their introduction in July after five consecutive days of net inflows.

    The nine spot ether ETFs listed in the U.S. recorded just under $136 million of inflows on Tuesday, taking the total since Nov. 6 to around $650 million, according to data tracked by SoSoValue.

    The funds’ cumulative inflows are now in the black to the tune of $94.62 million. The only other time cumulative inflow was positive was July 23, when first-day trading saw a net $106.8 million invested.

    After that, the ether ETFs did not enjoy the same response as their bitcoin equivalents had done in January. Grayscale’s Ethereum Trust (ETHE), which already had over $8 billion in assets at the time of listing, began experiencing outflows that were not offset by flows into the other funds.

    Various explanations have been offered for the lukewarm reaction to ether ETFs coming to market, such as the lack of provision for staking and the relatively muted ETH price action amid the broader crypto bull market. Ether has risen around 55% in the past year, compared with BTC and SOL, which have gained about 141% and 305%, respectively, according to CoinDesk Indices data.

    Edited by Sheldon Reback.

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    Jamie Crawley
    coindesk com

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