Spot Ether ETFs Record Longest Outflow Stretch Since Launch as Investors Relent

The United States Spot Ether ETFs have recorded five consecutive outflow days, representing the longest outflow streak since their launch in July.

Constant outflows from Grayscale's Ethereum Trust (ETHE) have overshadowed ETFs' inflows. Since its conversion to spot Ether ETF on July 23, ETHE's outflows have exceeded $2.5 billion as of August 21.

According to data from Farside Investors, ETHE has recorded constant outflows since its launch, except on August 12, when there was no net flow.

Ether ETFs Data Shows Outflows Dominate the Net Investments as Spot BTC Soars

Within the last five days, between August 15 and 21, the spot ETH ETFs lost $92.2 million. During this time, ETHE reported outflows of approximately $158.6 million. However, inflows from BlackRock's ETHA and Fidelity's FETH have reduced the effect.

In contrast with Grayscale's ETHE, its Ethereum Mini Trust (ETH) has recorded zero outflows since its debut on July 23. ETH has recorded total inflows of $231.9 million since its launch.

Meanwhile, BlackRock iShares Ethereum Trust Fund (ETHA) had a net inflow of $1 billion from its launch until August 20. The US spot ETH ETFs currently have net outflows of $458.5 million.

While Ether ETFs struggle to record positive flows, Spot Bitcoin ETFs in the US have performed remarkably in 2024. The BTC ETFs have seen net inflows of $17.5 billion and maintain a positive outlook despite Grayscale's GBTC $19.6 billion outflows.

Also, Spot BTC ETFs have maintained a positive flow for eight of the last ten trading days. On August 20, the ETFs recorded a total inflow of $88 million, the highest value in the past two weeks.

Farside Investors data reveals that BlackRock's IBIT led the inflow list with $55.4 million. Since its launch in January, IBIT has recorded a total net inflow of $20.5 billion.

Analyst WhalePanda on X revealed that Bitcoin ETF flows remained positive on August 21 at $39.5 million. Most of the Spot BTC ETFs recorded inflows, while GBTC has outflows of $9.8 million.

Good morning,

Yesterday's Bitcoin ETF flows were positive for $39.5 million.

Blackrock had $8.4 million of inflows, Fidelity did $10.7 million, Bitwise $10 million and BTC $14.2 million.

Only GBTC had outflows, $9.8 million.

Price went from $59k to $61.8k and now back to... pic.twitter.com/sFgEyRYDwv

- WhalePanda (@WhalePanda) August 22, 2024

The positive ETF inflow report coincides with Bitcoin's recovery from $59,000 to $61,000. Meanwhile, ETH has finally rallied above the $2,600 resistance, currently trading at $2,618, with a slight price increase over the past day.

Analysts Reveal ETF Potentials in the Current Market Cycle

Amid the mixed crypto ETF performances, Bloomberg's senior ETF analyst Eric Balchunas remains bullish. He predicted that ETFs could surpass the $900 billion inflow record set in 2021.

It's the Summer of '98 for ETF flows, like McGwire and Sosa chasing history, ETFs have legit shot to break 2021's $900b flow record. Notable that equities made up 75% of flows in 2021, much lower this year = more asset classes contributing. Good sign long term. Via @Todd_Sohn pic.twitter.com/X5bRdybuQd

- Eric Balchunas (@EricBalchunas) August 20, 2024

Balchunas noted that global ETF flows are $911 Billion on the YTD record and close to overcoming the record of $1.2 trillion.

Additionally, he revealed that 1,121 ETFs were launched globally this year, which is remarkable. Balchunas noted that other countries outside the US contributed 40% to the total ETF volume.

Global ETF flows are at $911b YTD, a near lock to break their ann record of $1.2T thanks to more contrib from non-US countries who are adding close to 40% of total vs 25% in 2021. Also, there's been 1,121 ETFs launched globally this year, which is also record pace. pic.twitter.com/3BIVaHd1Kx

- Eric Balchunas (@EricBalchunas) August 21, 2024

Another notable ETF analyst, James Seyffart, believes that ETFs are still driving the crypto narrative despite the outflows recorded from some products.

ETFs are still driving the crypto narrative.

Important to get an update from the source - @JSeyff AND @EricBalchunas.

The allstars are coming together at 9 AM EST.https://t.co/EKwayQiz0I

- The Wolf Of All Streets (@scottmelker) August 21, 2024

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