TL;DR
- Ethereum spot ETFs have recorded a net inflow of $5.8 million, ending a nine-day streak of net outflows.
- BlackRock’s ETHA ETF leads the inflows with $8.4 million and has launched its ETHA39 version on the Brazilian stock exchange, with reduced fees.
- Fidelity’s FETH ETF saw an inflow of $1.3 million, while Grayscale’s ETHE ETF experienced an outflow of $3.8 million.
Ethereum (ETH) spot exchange-traded funds (ETFs) have recorded a net inflow of $5.8 million, ending a nine-day streak of consecutive net outflows. This trend reversal marks a turning point and recovery for the ETH market, which had faced significant selling pressure in previous weeks.
The financial products showed varied performances. BlackRock’s ETHA ETF received the largest volume of inflows, totaling $8.4 million. This increase is steering the company towards recovery, which has also recently launched its Ethereum ETF on the Brazilian stock exchange (B3).
This ETF, named ETHA39, is available to both retail and institutional investors in Brazil, where it is traded at one-third of its original value to facilitate local market access. Additionally, management fees are set at 0.25% annually, reducing to 0.12% during the first year or until reaching $2.5 billion in assets under management.
Ethereum ETFs End Nine-Day Outflow Streak
On the other hand, Fidelity’s FETH ETF also saw a positive flow, with an inflow of $1.3 million, contributing to the overall positive movement. However, Grayscale’s ETHE ETF faced an outflow of $3.8 million. Grayscale continues to encounter persistent selling pressure despite the general positive trend in other funds.
The previous net outflows had extended to nine days, the longest period since the funds began trading last month. The cumulative sum of flows for Ethereum reached nearly $500 million in the first five weeks since its launch, exceeding JP Morgan analysts’ expectations who had forecasted weaker flows for ETH ETFs compared to Bitcoin ETFs. The lack of staking and lower liquidity were cited as reasons for these more conservative projections.
Meanwhile, Bitcoin ETFs also faced some challenges. The net outflow reached a total of $105 million on Wednesday. Grayscale, in particular, recorded outflows in its Bitcoin ETFs, including $7.98 million in its GBTC and $8.77 million in its mini ETF BTC.
