U.S. spot Ethereum exchange-traded funds (ETFs) have recorded their first positive net inflows since launching on July 23, signaling a potential shift in investor sentiment despite a recent downturn in Ether prices.
According to data from ETF tracker SoSoValue, the nine newly introduced spot Ether ETFs in the U.S. collectively experienced a net inflow of $104.8 million during the week beginning August 5. This marks a significant milestone for these ETFs, which traded a total value of $1.9 billion, bringing their combined net assets to $7.3 billion as of August 9.
Leading the inflows was BlackRock’s iShares Ethereum Trust (ETHA), which saw the largest influx with $188.4 million. Since its debut, the BlackRock fund has amassed over $900 million in assets without recording a single day of outflows. Fidelity’s Ethereum Fund (FETH) followed, drawing in $44.65 million last week and bringing its total assets to $342 million. Other ETFs that recorded positive inflows include Grayscale’s Mini Ethereum Trust (ETH) with $19.8 million, VanEck’s Ethereum ETF (ETHV) with $16.6 million, Bitwise’s Ethereum ETF (ETHW) with $11.7 million, and Franklin’s Ethereum ETF (EZET) with $3.7 million.
Despite these positive inflows, the overall market for Ether has been under pressure, with the cryptocurrency experiencing a 23% price drop since the start of August. Six out of the nine funds, however, managed to record positive net flows during this period. The total inflows could have been higher if not for Grayscale’s Ethereum Trust (ETHE), which faced $180 million in outflows, contributing to an overall outflow of $406.4 million across all nine funds.
In a related development, ETF issuers are pushing to introduce options products for their spot Ethereum funds. Last week, the New York Stock Exchange (NYSE) American proposed a rule change to list and trade options for three Ether ETFs managed by Grayscale and Bitwise, including the Bitwise Ethereum ETF (ETHW), the Grayscale Ethereum Trust (ETHE), and the Grayscale Ethereum Mini (ETH).
Meanwhile, the Ethereum network has seen a significant drop in its ETH burn rate, reaching its lowest levels of the year. The base transaction fees, which play a key role in determining the burn rate, have fluctuated between just 1 and 2 gwei, leading to a substantial decline in network activity. On Saturday, only 210 ETH were burned—a record low for the year—contrasting sharply with the 5,000 ETH burned on August 5 when gas fees spiked to around 100 gwei. The lower burn rate has resulted in a net ETH emission of over 2,000 ETH on the same day, signaling a rise in network inflation.
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