U.S. Spot Ethereum ETFs Rebound with $33.7 Million Inflows, Breaking Four-Day Negative Streak

U.S. spot Ethereum exchange-traded funds (ETFs) reported a significant net inflow of $33.7 million on July 30, 2024, ending a four-day sequence of negative flows. This shift comes despite persistent outflows from Grayscale’s ETF.

According to data from Farside Investors, Grayscale’s ETHE was the only spot Ethereum ETF to record net outflows, totaling $120.3 million. Since its launch on July 23, the ETHE has experienced cumulative outflows of $1.8 billion.

These outflows were offset by substantial inflows into other funds. BlackRock’s ETHA led with $118 million, while Fidelity’s FETH and Grayscale’s lower-fee Ethereum Mini Trust attracted $16.4 million and $12.4 million, respectively. Additional inflows were reported by Franklin’s EZET at $3.7 million and Bitwise’s ETHW at $3.5 million. The remaining three spot Ether ETFs—21Shares’ CETH, VanEck’s ETHV, and Invesco Galaxy’s QETH—showed no net flows on July 30.

Total daily trading volume for these spot Ether ETFs was reported at $563.22 million on July 30, down from $773.01 million the previous day and $1.11 billion on the launch day.

Bitcoin ETFs Experience $18.3 Million in Outflows Amid Market Decline
On the same day, U.S. spot Bitcoin ETFs faced net outflows of $18.3 million, interrupting a four-day streak of positive flows. BlackRock’s IBIT was the sole ETF to see net inflows, with $74.87 million. Meanwhile, the Grayscale Bitcoin Trust (GBTC) led the outflows with $73.6 million, followed by Ark and 21Shares’ ARKB ($7.9 million), VanEck’s HODL ($5.6 million), Bitwise’s BITB ($3.2 million), and Fidelity’s FBTC ($2.9 million).

The total trading volume for spot Bitcoin ETFs stood at $1.37 billion on July 30, a decrease from $2.68 billion on July 29 and $4.66 billion on the launch day. This differing trend in Bitcoin and Ethereum ETF flows coincided with a 0.38% decline in the global cryptocurrency market capitalization, which currently stands at $2.39 trillion, as per CoinGecko data.

Zaheer Ebtikar, Split Capital’s founder, noted in a social media post on July 31 that the recent fluctuations in ETF flows suggest “rotating capital.” This observation aligns with predictions made by Steno Research’s senior analyst, Mads Eberhardt, who anticipated a reduction in Grayscale’s ETHE outflows, a trend seemingly starting to manifest.

At the time of writing, Bitcoin (BTC) had decreased by approximately 1%, trading at $66,270, while Ethereum (ETH) saw a 0.5% decline, trading around $3,320.

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