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HomeCrypto NewsMarketEthereum Outperforms Major Assets as Its Spot ETF Sees $4.9M Inflow

Ethereum Outperforms Major Assets as Its Spot ETF Sees $4.9M Inflow

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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.

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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.

Ethereum
Ethereum

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.

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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.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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