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ethereum (eth) spot exchange-traded funds (ETFs) saw inflows of $98.4 million on Aug. 6, the second-largest inflow since the funds began trading in July, according to Farside Investors data.
Notably, this was the second consecutive day of inflows into U.S.-traded spot ethereum ETFs, totaling $147.2 million. BlackRock’s ETHA assets under management (AUM) grew by nearly $110 million on Aug. 6, while Fidelity’s FETH saw inflows of $22.5 million.
Meanwhile, Grayscale’s ETHE fund continued to see capital outflows, with August 11 marking 11 consecutive days of loss-making trading. However, the fund recorded the lowest number of daily outflows since its conversion from a trust to an ETF.
As of August 6, net flows for the eight ethereum ETFs that began trading in the US on July 23 are negative by $364 million.
Pressure from large holders
Despite bullish predictions that the price of eth will rise following the launch of its US ETF, the event has failed to produce a substantial impact so far.
From July 23 to August 4, before the major crash that hit the cryptocurrency market, the price of ethereum registered a 20.6% drop. The first major factor driving the price down is Grayscale’s ETHE outflows as the sell-off puts pressure on the token’s performance.
In addition, large holders are moving eth with apparent intention to sell. Asset manager Metalpha and an unknown whale moved nearly $73 million to a Binance deposit address on August 5.
Recently, user x (formerly twitter) identified as Lookonchain x.com/lookonchain/status/1821121384325714055″>Outstanding that market maker Jump crypto continues its spree of unloading eth from Lido and moving it to exchanges.
On the morning of August 7, the firm claimed 11,501 eth from Lido and transferred it to the sale. It also redeemed 19,049 eth in another possible sale move.
Meanwhile, ethereum addresses linked to the PlusToken Ponzi scheme shut down by Chinese authorities in November 2020 also moved $464.7 million worth of eth on August 7. x.com/ArkhamIntel/status/1821242684109168716″>according
As a result, ethereum The price is down 6.5% over the past 24 hours, showing the worst daily performance among the top 10 cryptocurrencies by market cap.
ethereum Market Data
At the time of publication 8:48 pm UTC on August 7, 2024ethereum is ranked number 2 by market cap and the price is below 6.14% over the past 24 hours. ethereum has a market cap of 282.57 billion dollars with a 24-hour trading volume of $24.04 billion. Learn more about ethereum ›
Cryptocurrency Market Overview
At the time of publication 8:48 pm UTC on August 7, 2024The total cryptocurrency market is valued at 1.93 trillion dollars with a 24 hour volume of $94.95 billionbitcoin dominance is currently at 56.06%Learn more about the cryptocurrency market ›
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(tags to translate)ETF