About a year ago, the United States financial market saw the introduction of spot Ethereum exchange-traded funds (ETFs). These products have allowed investors to have regulated exposure to the second-largest cryptocurrency without actually holding it. The past twelve months have been eventful for spot Ethereum ETFs – from a slow start with minimal inflows to outflows and now massive positive flows. Despite the ups and downs of these products, they have played a significant role in driving institutional adoption of crypto since their launch. So, how have spot Ethereum ETFs been performing? As reported by CryptoPotato at the time of their launch, the nine products collectively recorded $106 million in positive flows on their first day. This was largely influenced by over $484 million in outflows from Grayscale’s Ethereum Trust (ETHE). BlackRock’s spot Ethereum ETF (ETHA) took the lead on the first day with $266 million in inflows and is still leading currently. Bitwise’s ETHW followed with $204 million, while Fidelity’s FETH brought in $71 million. Other asset managers, including 21Shares, Invesco, VanEck, and Franklin Templeton, also saw inflows ranging from $13 million to $7.5 million. Comparing the most recent trading day to the debut of spot Ethereum ETFs, it is clear that these funds have made significant progress. On Friday, July 18, the ETFs collectively brought in inflows surpassing $402 million. Interestingly, this is not the highest amount the market has seen. On July 16, spot Ethereum ETFs amassed over $726 million in positive flows, marking their highest ever, according to data from CoinGlass. The next day, the products recorded their second-largest daily inflow of $602 million. These funds have been on an 11-day inflow streak since July 5, amassing over $2.8 billion in flows. BlackRock remains the leader in assets under management (AUM), with a total of $7.92 billion. Following suit is ETHE, with $3.46 billion in AUM. However, the journey has not been easy for spot Ethereum ETFs, especially with the poor performance of ether in this cycle. After a strong first day, the following trading days were concerning for the ETFs. Outflows were common, and investors were not buying as much ETH as expected. As Grayscale’s Trust continued to see outflows, flows into other products could not catch up. This trend continued, with the funds collectively recording a few days of inflows, until mid-November when the ETFs began an 18-day inflow streak. This record was broken with a 19-day positive flow streak that ended on June 12. As investors continue to pour money into ETH, it remains to be seen what the next 12 months hold for spot Ethereum ETFs. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).LIMITED OFFER for CryptoPotato readers at Bybit: according to SEO standards.
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