Ethereum ETFs experienced contrasting movements on August 16, 2024. Some funds attracted significant inflows, while others faced substantial outflows. The data highlights these differences without leaning on opinion or speculation.
BlackRock and Fidelity Gain as Grayscale Faces $27.7M Outflow on August 16
On August 16, BlackRock’s “ETHA” led the inflows with $10.3 million. Fidelity’s “FETH” followed closely, bringing in $7.2 million. Both funds saw positive movement as investors directed their capital towards them.
In contrast, Grayscale’s “ETHE” struggled, suffering a $27.7 million outflow. This continues a pattern of negative flows for the fund. VanEck’s “ETHV” also saw a $4.8 million outflow, marking another decline.
Several other ETFs remained stable. Bitwise, 21 Shares, Invesco, Franklin, and Grayscale’s “ETH” recorded no inflows or outflows. This neutral activity indicates a pause in investor movement for these funds.
The total outflow for the day stood at -$15 million, driven largely by Grayscale’s continued losses.
BlackRock and Fidelity See Gains as Grayscale Struggles; NYSE Pushes for ETH ETF Options
Throughout the week, BlackRock’s “ETHA” and Fidelity’s “FETH” maintained positive inflows. Meanwhile, Grayscale’s “ETHE” consistently lost capital, reflecting ongoing challenges.
ETF issuers are pushing to launch options products for their spot ETH funds. On August 7, the NYSE American proposed a rule change. This change would allow it to list and trade options contracts for three ETH ETFs. These ETFs come from Grayscale and Bitwise.
Ethereum Price Update: ETH Struggles at $2,598 Amid Market Volatility
At the time of writing, Ethereum (ETH) is trading at $2,598.99, reflecting a 0.91% decline over the last 24 hours. The market cap has dropped by 1.04%, standing at $312.6 billion, while the 24-hour trading volume has also decreased by 28.78%, totaling $11.72 billion. Ethereum’s circulating supply remains steady at 120.28 million ETH.
The chart shows fluctuations throughout the day, with the price oscillating between $2,580 and $2,630. Despite brief recoveries, ETH remains in a downward trend, mirroring broader market sentiment.
Ethereum Dips Below $2,600 Amid Market Selloff. Source: Cryptocurrency Prices Now
The post Ethereum News: Ethereum ETFs See Diverging Flows: Grayscale’s “ETHE” Loses $27.7 Million appeared first on CoinChapter.
