BlackRock Ethereum ETF Sees More Inflows Than Bitcoin ETF
Blackrock’s Ethereum ETF saw an inflow of $118 million on Tuesday, per SoSoValue data, more than the inflows seen in its Bitcoin ETF.
In contrast, BlackRock’s Bitcoin ETF saw an inflow of just $75 million on Tuesday.
The strong inflows into BlackRock’s Ethereum ETF ensured that Tuesday was a net positive day of inflows in the Ethereum ETF market.
$33.66 million flowed into the newly launched group of spot Ethereum ETF products.
Ethereum spot ETF had a net inflow of $33.6683 million yesterday, the first net inflow after net outflows in the past 4 days. Grayscale ETF ETHE had a single-day outflow of $120 million, and the current historical net outflow of ETHE is $1.844 billion. BlackRock ETF ETHA had a… pic.twitter.com/T9beW4MRsT
— Wu Blockchain (@WuBlockchain) July 31, 2024
The Ethereum price was last trading in the mid-$3,300s, stuck within multi-week $3,100-3,500ish ranges.
The Ethereum market is showing a lack of conviction right now as ETH seems to be stuck near all of its major short and medium-term moving averages.
So, why weren’t strong BlackRock Ethereum ETFs a catalyst for an upside?
A day of net positive inflows into spot Ethereum ETF products has been rare since their launch earlier this month.
That’s because Grayscale’s Ethereum ETF product has seen a whopping $1.84 billion in outflows since its conversion.
Despite over $600 million of inflows into BlackRock’s Ethereum ETF and over $250 million into Fidelity and Bitwise’s products, net Ethereum ETF inflows since launch are negative $400 million, SoSoValue data shows.
As a result, Ethereum ETFs aren’t a tailwind to the market right now. They will need to turn decisively positive to start pushing the price higher.
Outflows from Grayscale’s Ethereum ETF
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