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Net flows into the group of nine spot ethereum exchange-traded funds (ETFs) turned positive in trading on Tuesday as BlackRock's iShares ethereum Trust (ETHA) raised $118 million in net inflows, sufficiently offsetting large withdrawals from Grayscale's ethereum ETF (ETHE), according to a report by the cryptocurrency exchange. data from Farside Investors.
Investors pulled about $120 million from Grayscale's ETHE on Tuesday, bringing outflows after six days of trading to more than $1.8 billion. Since the fund's conversion, its assets under management have fallen from more than $9 billion to $6.8 billion, according to the fund's website. updated data grayscale.
Fidelity’s ethereum Fund (FETH) and Grayscale’s ethereum Mini Trust (eth) ended the day with over $16 million and $12 million in net inflows, respectively. Other gains were also seen in Bitwise’s ethereum ETF (ETHW) and Franklin Templeton’s ethereum ETF (EZET).
The combined net inflows successfully offset Grayscale’s strong outflows, turning ETF flows positive on July 30. Overall, U.S. spot ethereum saw nearly $34 million in inflows.
While ETF flows reversed course on Tuesday, the current downward pressure on ethereum (eth) due to heavy ETHE outflows from Grayscale is unlikely to fade.
However, analyst Mads Eberhardts x.com/MadsEberhardt/status/1817846559825965497″ target=”_blank” rel=”noopener nofollow noreferrer”>anticipa Departures will slow down at the end of the week. Once departures stabilise, a possible price increase could occur, suggests Eberhardts.