Despite a recent drop in Ethereum’s price, large investors remained interested. New U.S. spot Ethereum ETFs received a large inflow of $49 million on August 5. This was the second-biggest single-day inflow since these funds started trading. This shows that investors still trust Ethereum, even during tough market conditions.
Leading Ethereum ETFs
BlackRock’s ETHA fund stood out among the top funds, pulling in $47.1 million. This brings the total investment in ETHA to $760 million. Other funds like VanEck’s ETHV and Fidelity’s FETH also saw strong inflows of $16.6 million and $16.1 million, respectively. These numbers indicate a growing interest in Ethereum-based funds, especially with prices being lower.
While Ethereum ETFs saw large investments, Bitcoin funds experienced a different trend. On the same day, Bitcoin funds had a large outflow of $168.4 million, showing a different sentiment among investors towards Bitcoin. Major funds like Fidelity, Ark 21Shares, and Grayscale experienced large outflows, ranging from $58 million to $70 million. However, Grayscale’s Mini Bitcoin Trust did attract a small inflow of $21.8 million.
See Also: US Spot Ethereum ETFs Face $133M Outflows
Ethereum’s market price dropped sharply, reaching its lowest point in 2024 at $2,171 on August 5. This marked a 34% drop within a week, the fastest since May 2022.
However, during the Asian trading session on Tuesday morning, Ethereum began to recover, reaching $2,500. For this recovery to continue, Ethereum needs to overcome a resistance level at $2,900, which could be challenging, especially if Bitcoin does not recover quickly.
Despite Ethereum’s recent price drop, the large inflows into U.S. spot Ethereum.
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