Ethereum exchange-traded funds (ETFs) in the US had a rollercoaster week.
Early Week Withdrawals
The week started rough, with investors pulling out a whopping $465 million on Monday, August 4th. This continued a slow start to August.
A Quick Turnaround
But things changed quickly! A four-day winning streak saw a massive influx of cash into these funds.
Friday’s Big Gains
Friday, August 8th, was particularly strong, with a total of $222.34 million flowing into US Ethereum ETFs. This positive shift suggests renewed investor confidence.
Top Performers
BlackRock’s iShares Ethereum Trust (ETHA) led the charge, gaining $254.73 million and solidifying its position as the biggest ETH ETF with over $12.35 billion in assets. Fidelity’s FETH and Grayscale’s ETH and ETHE also saw significant inflows. A few others, like Bitwise’s ETHW and Invesco’s QETH, also saw smaller gains.
Weekly Totals
Despite the early withdrawals, the four-day surge pushed the week’s total net inflow to $326.83 million – a positive outcome.
Ethereum Price Soars
The price of Ethereum (ETH) also experienced a significant jump, exceeding $4,200. This surge, up nearly 9% in 24 hours and over 21% in a week, strongly correlates with the increased investment in ETH ETFs. This positive momentum might be linked to a recent executive order allowing crypto investments in retirement plans.