Recent data shows that the nine spot Ethereum ETFs in the US experienced net outflows amounting to $77.21 million on Wednesday. This marks a significant reversal from the previous day’s positive trend. These outflows coincide with Ether’s price dropping below $3,200. Notably, the Grayscale Ethereum Trust (ETHE) recorded a massive $133.33 million in net outflows on July 31st, as reported by SosoValue data. Since its conversion into an ETF, ETHE has witnessed almost $2 billion in outflows. On the contrary, the Grayscale Ethereum Mini Trust (ETH) continued to attract inflows for the seventh consecutive day, with $19.5 million flowing in on the last day of July, bringing its total net inflows to over $200 million.
ETF Performance
Fidelity’s FETH also followed the trend with $18.8 million in inflows, while BlackRock’s ETHA and VanEck’s ETHV saw inflows of $4.98 million and $4.81 million, respectively. Bitwise’s ETHW recorded $4.71 million in inflows, and 21Shares’ CETH attracted $3.38 million during the same period. However, Franklin Templeton’s EZET and Invesco’s QETH did not report any flows for the day. These latest outflows came just after a day when spot Ethereum ETFs registered net inflows for only the second time. Despite the $33.7 million inflows on that day, Ether prices failed to see a significant boost and remained lackluster.
Market Predictions
According to experts, Ether has been underperforming compared to Bitcoin for the past month. At the time of writing, Ether was trading close to $3,188, showing a 4% decrease over the past day. For Ether’s price to see a notable increase, there needs to be a surge in institutional interest. However, there is a consensus among market analysts that August might continue to see net outflows for spot Ethereum ETFs. MV Capital partner Tom Dunleavy predicts ongoing outflows for the month, highlighting the potential impact on ETHE’s assets under management (AUM). Binance CEO Richard Teng also shared a similar sentiment, anticipating a steady capital deployment into these ETFs in the near future.
The state of Ethereum ETFs in the US is currently marked by a mix of outflows and inflows, with Ether’s price struggling to gain momentum. Institutional interest and market dynamics will play a crucial role in determining the future performance of these ETFs. Investors and analysts will closely monitor the trends in the coming weeks to gauge the potential impact on Ether’s market value.