- The US spot ETH ETFs recorded $15.71 million in total net outflows on August 9.
- Ethereum showed a 71.02% surge in daily trading volume according to CMC data.
US spot Ethereum ETFs after the July 23 launch were expected to draw significant inflows similar to the spot Bitcoin ETFs. The digital assets failed to meet analysts’ expectations as it witnessed mounting outflows following its initial launch day. However, the past week has witnessed for the first time weekly positive net inflows in the spot ETH ETFs.
Notably, according to Sosovalue data, the ETFs recorded a weekly net inflow of $104.77 million in the past week, from August 5 to 9. While the initial two days witnessed notable inflows amounting to $147.03 million, the following three days exhibited minor outflows of $42.26 million. Additionally, in the previous week, the digital assets recorded weekly net outflows of $169.35 million.
Moreover, among the nine spot ETH ETFs, BlackRock’s iShares spot ETH ETFs (ETHA) led the inflows with a massive $188.35 million weekly net inflows. Contrastingly, Grayscale’s Ethereum Trust (ETHE) showed the highest outflows amounting to $179.94 million over the last 7 days.
Additionally, two of the spot ETH ETFs, Invesco Galaxy, and 21Shares, initially partnered with Ark Invest, witnessed zero net inflows from August 5 to August 9. Meanwhile, the Ethereum token exhibited modest price hikes in the last 24 hours.
How Did Spot ETFs Affect the ETH Price Last Week?
Over the last 7 days, the leading altcoin, Ethereum, struggled to surpass previous resistance levels. Despite showing a 17.50% weekly increase Ethereum showed recurrent cycles of sliding back to the $2.6K levels.
Particularly in the past day, the token showed a price increase of 0.69% as prices regained from intra-day dips to the $2.5K level. At the time of writing, ETH was trading at $2,673.90 according to CMC data.
Moreover, when cross-examining, the altcoin’s spot ETFs’ outflows are seen coinciding with the ETH liquidations. In the past week, the token showed persisting selling pressures relating to the high liquidation reports.
However, as the week progressed, the ETFs began recording positive inflows. Meanwhile, ETH failed to recover from the price stagnant at the $2.6K level.
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