The Ethereum spot ETF saw a net inflow of $4.9 million, its first inflow in the last four trading days.
The second-largest crypto asset, Ethereum, outperformed major assets like Bitcoin and Solana on Tuesday, posting a 24-hour gain of 3%. The asset’s daily surge followed a net inflow from its US spot exchange-traded fund (ETF) on Monday.
Data from Sosovalue showed that the US Ethereum spot ETF saw a single-day net inflow of $4.9 million on Monday. Notably, the positive flow was the product’s first in the last four trading days.
Preceding Monday’s net inflow was a three-consecutive outflow day, during which the Ethereum product shaded $42.26 million in assets. This saw Ethereum’s price struggle to impress in those days.
Slight Inflows
Fidelity Ethereum Fund (FETH) led inflow yesterday, posting a single-day net positive flow of $3.98 million. The issuer has had a net outflow from its fund just once since the launch of the ETF on July 23. FETH now has a cumulative net inflow of $345.69 million, the second-best among the nine listed funds.
Bitwise Ethereum Fund (ETHW) saw a net inflow of $2.89 million after recording zero flow on Friday. Franklin Ethereum ETF (EZET) recorded a positive flow of $1.01 million, rebounding from a two-day streak of zero flows.
Every other issuer aside, the Vaneck Ethereum ETF (VETH) recorded zero flows on Monday, signaling a cautious play among investors. VETH saw a single-day net outflow of $2.92 million, its first outflow since the ETF’s launch.
Has Grayscale’s Selling Pressure Ended?
A notable event on Monday’s Ether ETF trading session was the lack of outflow from the Grayscale Ethereum Trust (ETHE). The issuer has been the major source of outflows for the Ethereum product, with a total of $2.29 billion leaving the fund since July 23.
Before the zero flow, data showed a trend of dwindling selling pressure from ETHE, with lesser outflows seen from the fund daily. This turnaround signals a shift in sentiment from selling to holding among the fund’s investors.
Ethereum traded at $2,639 at press time, with a market cap of $317.5 billion. At the time of writing, the asset’s 24-hour trading volume was up 33.8% to $21.32 billion.
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