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BlackRock Ethereum ETF Hits New Milestone, Net Inflows Turn Positive
After four consecutive days of outflows, the Ethereum ETF saw net inflows on Tuesday, July 30. The BlackRock Ether ETF ETHA has been this development registering over $118 million in inflows yesterday. However, the Ethereum price continues to face some selling pressure down by 1.21% at press time and trading at $3,274.43.
BlackRock Ethereum ETF Hits New Milestones
Ever since the launch, BlackRock’s iShares Ether ETF has seen inflows every single day. As a result, the total ETHA inflows have now crossed more than $618 million in just six trading sessions, as per data from Farside Investors.
Additionally, the iShares Ether ETF has managed to secure a spot among the top 15 ETFs by inflows, as per data from ETH Store President Nate Geraci. With more than 330 ETFs launched so far in 2024, the iShares Ether ETF’s performance is outstanding. Nate Geraci also stated that the the top four inflows have been dominated by spot Bitcoin ETFs.
In *one* week of trading, iShares Ethereum ETF already in top 15 inflows of *all* ETFs launched this yr…
Top 15 out of approx 330 new ETFs.
Top 4 inflows all spot bitcoin ETFs btw.
— Nate Geraci (@NateGeraci) July 31, 2024
Furthermore, BlackRock CIO Samara Cohen said that model portfolios could seek exposure to Ether ETFs by the year-end.
On the other hand, the Grayscale Ethereum ETF (ETHE) has continued to see outflows for the sixth consecutive trading day. On Tuesday, the ETHE outflows stood at $120 million taking the total outflows to more than $1.8 billion.
However, Grayscales mini-ETH and Fidelity FETH saw inflows of $12.4 million and $16.4 million on Tuesday respectively. Thus, the net flows turned positive on Tuesday to the tune of $33.7 million.
The good thing is that the outflows from the Grayscale Ethereum Trust (ETHE) have been subsiding with every passing day and we could be seeing sub $100 million outflows very soon, said Mads Eberhardt a senior crypto analyst at Steno Research.
The Ethereum ETF net outflow is yet to subside, but it is likely that it will happen this week. When it does, it’s up only from there. pic.twitter.com/mJqbcyUTp5
— Mads Eberhardt (@MadsEberhardt) July 29, 2024
Also Read: Grayscale Bitcoin ETF (GBTC) Plummets 11% Ahead BTC Mini Trust Distribution
ETH Action Moving Ahead
Amid the ETF outflows, the Ethereum price has continued to stay under pressure slipping over 4.5% over the last week. At press time, ETH is trading at $3,281 with a market cap of $394 billion.
Market analysts believe that ETH could continue to show sideways action throughout August before finally breaking out in September. The Fed rate cut in September could be a major catalyst in the ETH price rally. Analysts also believe that the post-ETF rally for ETH could outshine Solana’s gains.
Also Read: US Fed Meeting Expectations: No Rate Cut Expected In July FOMC
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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