Ethereum exchange-traded funds (ETFs) in the US have been incredibly popular lately, performing exceptionally well. But the party might be over (at least for a bit).
A Billion-Dollar Week, Then a Friday Fallout
Last week was huge for Ethereum ETFs, raking in over $1.08 billion in total. That’s a massive turnaround from the previous week’s losses. This makes it the only week with negative outflows since May. One expert even noted that BlackRock’s iShares ETH ETF had the second-highest inflows among over 4,400 ETFs!
However, Friday, August 29th, saw a dramatic shift. Investors pulled out a whopping $164.64 million, ending a six-day winning streak. Grayscale’s Ethereum Mini Trust took the biggest hit, losing over $61.3 million. Fidelity’s Ethereum Fund wasn’t far behind, shedding $51.02 million. Other ETFs like Grayscale’s ETHE and Bitwise’s ETHW also saw significant outflows.
Ether Price Takes a Hit (But Rebounds)
The price of Ether (ETH) mirrored the ETF withdrawals on Friday, dropping slightly. While ETH is up over 2% in the last 24 hours at around $1,670, it’s still down more than 8% for the week. This shows a clear link between the price of the cryptocurrency and its associated ETFs.