- Spot ETH ETFs in the U.S. have seen five consecutive days of outflows, the longest streak since their launch
- Despite recent losses, some ETH ETFs like BlackRock’s ETHA managed to reach $1B in net flows
- Spot Bitcoin ETFs have continued to attract investors, amassing $17.5B in net flows since January 2024
Spot Ether ETFs in the United States have recorded five consecutive days of outflows, their longest continuous outflow period since their launch on July 23. Most of the investments made by the nine approved spot ETH ETFs have been overshadowed by outflows from the Grayscale Ethereum Trust (ETHE), which have exceeded $2.5 billion as of August 21.
ETHE outflows have been daily, except for August 12, when the Grayscale fund did not report net flows, according to data from Farside Investors.
Defense Against Grayscale Outflows
During this period, Grayscale’s ETHE reported outflows of $158.6 million. However, comparable inflows from BlackRock’s iShares Ethereum Trust (ETHA), Fidelity Ethereum Fund (FETH), and Bitwise Ethereum ETF (ETHW) helped to mitigate the damage.
In contrast, the Grayscale Ethereum Mini Trust (ETH) has not reported any outflows since its launch and maintains positive flows of $231.9 million. ETHA also became the first spot Ether ETF to reach $1 billion in net flows on August 20. In total, net flows for spot Ether ETFs currently stand at negative $458.5 million.
Bitcoin ETFs Attract Investments
On the other hand, spot Bitcoin ETFs in the United States, launched in January 2024, have positive net flows of $17.5 billion. Spot BTC ETFs maintain a positive balance despite $19.6 billion in outflows from the Grayscale Bitcoin Trust.
Additionally, spot Bitcoin ETFs have maintained positive flows for eight of the last 10 days. On August 20, BTC ETFs recorded aggregate inflows of $88 million, the highest in two weeks, according to data from Farside Investors.
BlackRock’s iShares Bitcoin Trust led the group with inflows of $55.4 million, bringing the total net flow for the product, since its launch in January, to $20.5 billion.
Conclusion
Despite recent outflows in Eth ETFs, the strength of spot Bitcoin ETFs demonstrates a significant contrast in the market. While some Eth ETFs have partially mitigated the losses, the overall landscape suggests that investors are currently more inclined to trust products related to Bitcoin.
