In a major milestone, Ethereum ETFs have recorded their first-ever positive weekly flows. According to Arkham Intelligence, the net inflow for ETH ETFs reached an impressive 31,500 ETH, equivalent to $75.07 million, over the past week.
ETH ETF FLOWS NOW POSITIVE
Weekly flows for ETH ETFs turned POSITIVE for the first time ever – with NET 31.5K ETH ($75.07M) purchased last week.
Inflows were led by Blackrock – accumulating $168.55M of ETH.
The highest daily on-chain inflow for Blackrock was on 7th Aug, where… pic.twitter.com/jTfT0tnO1k
— Arkham (@ArkhamIntel) August 13, 2024
Leading the charge in these inflows was BlackRock, one of the world’s largest asset management firms, accumulating a staggering $168.55 million worth of ETH. The most notable daily on-chain inflow for BlackRock occurred on Aug. 7, when it received $108.02 million of ETH in a single day.
This positive trend in ETH ETF flows is historic, marking a shift in the market sentiment toward Ethereum. Ethereum ETFs officially began trading in the U.S. in late July, marking a huge step in the increased integration of digital assets into mainstream finance.
The crypto community reacted to Ethereum ETFs’ historic milestone. Crypto analyst Michael Van de Poppe stated in a recent tweet: “The first day of zero outflow on Ethereum has been recorded.This is an important week. If this week is a positive net inflow week of more than $50 million, I think we’re on the edge of having a strong upward trend for the Ethereum ecosystem.”
According to SoSoValue, daily net inflows into U.S.-listed spot Ethereum ETFs reached $4.93 million on Monday. Grayscale’s two funds had no flows, while Fidelity and Franklin Templeton had $3.98 million and $1 million in inflows, respectively, while Bitwise had $2.86 million in positive flows.
Ethereum leads pack as market inflows rebound
According to the most recent CoinShares report, digital asset investment products saw a total of $176 million in inflows over the last week as investors saw recent market weakness as an opportunity to buy.
Ethereum profited the most from the latest market drop, with inflows of $155 million last week. This increases its year-to-date inflows to $862 million, the biggest since 2021, owing primarily to the recent introduction of U.S. spot-based ETFs.
At the time of writing, ETH was down, alongside the entire crypto market by 1.02% in the last 24 hours to $2,645.