After a horrendous start to the year, the United States-based spot Ethereum ETFs (exchange-traded funds) have managed to turn their fortune around over the past few weeks. This positive trend mirrors the shift in sentiment amongst Ethereum investors since the start of the year’s second quarter.
Ethereum ETFs Hit 15 Consecutive Days Of Capital Inflows
According to data from SoSoValue, the US Ethereum ETFs registered a net inflow of $25.22 million on Friday, June 6. This latest daily performance marked the 15th straight day of capital inflows — the second-longest such streak since launch in July 2024 — for exchange-traded funds.
BlackRock’s iShare Ethereum Trust (with the ticker ETHA) accounted for the majority of the inflows on Friday, posting $15.86 million to close the week. Grayscale’s Ethereum Mini Trust (ETH) was the only other US-based Ethereum ETF fund to record any activity, with a total daily net inflow of $9.37 million.
This $25.22 million single-day performance brought the total net weekly inflow to a little over $281 million in the past week, representing the fourth consecutive week of capital influx for the Ethereum-based products. In the previous trading week (May 26 to May 30), the Ethereum ETFs posted a similar $285.84 million total net inflow.
Source: SoSoValue
According to market data, the US-based spot Ethereum ETFs have registered $856.81 million in total net inflows over the span of these four weeks. Ultimately, these positive performances show a change in the way investors are looking at Ethereum at the moment.
Unsurprisingly, this positive shift in investor sentiment has been reflected in the price performance of ETH over the past few weeks. The altcoin has witnessed renewed interest and demand, with its value up by more than 15% in the last 30 days.
As of this writing, the Ethereum price stands at around $2,521, reflecting an over 1% in the last 24 hours. According to data from CoinGecko, the altcoin’s value is down by 0.8% in the last seven days.
Inflows For Bitcoin ETFs Slowing Down
The spot Bitcoin ETFs in the US also had their own streak going for the majority of the last month before it ended on Friday, May 29. The crypto-linked financial products have had a mixed performance of daily inflows and outflows since then.
According to data from SoSoValue, the Bitcoin exchange-traded funds recorded a net outflow of $128.81 million in the past week. On Friday, the BTC ETFs saw a total of $47.82 million withdrawn, bringing the trading week to a close on a negative note.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link