Spot Ether ETFs rack up $3B in August as ETH hits yearly high

6 days ago

US spot Ether exchange-traded funds (ETFs) person recorded implicit $3 cardinal successful nett inflows successful the archetypal 2 weeks of August, marking their second-strongest monthly show to date, with much than 2 weeks near successful the month.

According to ETF information tracker SoSoValue, spot Ether (ETH) ETFs are acceptable to grounds their strongest week since launch, with much than $2.9 cardinal successful inflows. Since Monday, ETF inflows averaged implicit $700 million, with the strongest time being Monday, erstwhile the funds saw implicit $1 cardinal of inflows.

The ETF surge comes alongside beardown performances from their underlying plus successful August. On Thursday, ETH prices climbed to a yearly precocious of $4,765.83. The surge was followed by a crisp driblet beneath $4,500 earlier recovering. At the clip of writing, ETH trades supra $4,600, up astir 20% this week.

The superior surge pushed the full nett assets crossed the spot ETF products to a grounds $29.22 billion, signaling a question of renewed capitalist appetite for ETH vulnerability done regulated concern mechanisms.

Spot Ether ETFs connected a five-month inflow streak

According to SoSoValue data, spot Ether ETFs person attracted cumulative nett inflows of $12.73 cardinal since launch. The plus people is besides connected the mode to a five-month inflow streak heading into September.

On Thursday, Spot ETH ETFs recorded nett inflows of $639.61 million. BlackRock’s iShares Ethereum Trust (ETHA) led the battalion with $519.68 cardinal successful nett inflows, portion the Grayscale Ethereum Mini Trust (ETH) ranked 2nd successful regular inflows with implicit $60 million.

The Fidelity Ethereum Fund (FETH) was successful the 3rd spot with astir $57 cardinal successful inflows.

The ETH-based ETF show follows strong inflows connected Wednesday, with $729 cardinal flowing into the crypto concern vehicles. This marked the second-strongest regular inflow grounds for spot Ether ETFs, pursuing the inflow grounds connected Monday.

Fundstrat predicts $15,000 ETH by year’s end

As ETH continues to rally, marketplace strategy and probe steadfast Fundstrat’s main accusation officer, Thomas Lee, shared a prediction, saying that ETH volition beryllium the “biggest macro trade” implicit the adjacent 10 years.

Meanwhile, the company’s caput of integer plus research, Sean Farrell, said ETH could spell to a scope of $12,000 to $15,000 by the extremity of the year, claiming that the plus has “plenty of upside.”