Ethereum ETFs continue their inflow streak amid token bleed
According to data from SosoValue, Ethereum ETFs recorded total inflows of $11.3 million on June 5, 2024. This represented the persistence of a favorable trend that had commenced earlier in the week, extending their inflow streak to 14 days in a row. Nonetheless, the most recent figures showed a significant decrease compared to earlier days. All inflows, totaling around $34.7 million, were exclusively due to BlackRock’s ETHA. Fidelity’s FETH experienced outflows totaling $23.4 million, countering the gains, while other issuers reported no activity.
The performance was a victory for the funds, particularly in comparison to ETH’s recent price movements. The token, currently trading at $2,478, has seen a decline of approximately 6% over the past two weeks. Ethereum ETFs is currently approximately 33% under its 2025 high of around $3,700, reached earlier in January.
The token has primarily faced challenges due to macroeconomic influences and diminishing investor confidence, which jeopardize its upward momentum, despite a handful of brief rallies that raised hopes for a recovery.
Meanwhile, Bitcoin ETFs did not replicate the performance of their ETH counterparts, experiencing outflows of $278 million on the same day. This was likely caused by the steep price decline on Thursday, which followed the high-profile conflict between tech CEO Elon Musk and US President Donald Trump.
As the market declined overall, BTC dropped 3% and returned to the $100,000 price range. Considering the larger context, Bitcoin ETF flows have fluctuated between inflows and outflows in recent weeks, mirroring ongoing investor uncertainty about the token’s performance.
With Ether ETFs maintaining their strong performance, issuers are accumulating the token. On June 3, blockchain analysis showed that BlackRock bought $50 million in Ether. Moreover, even though the token’s price has been problematic, market confidence hasn’t entirely diminished. Recent comments from co-founder Vitalk Buterin have also outlined an optimistic perspective for the larger ecosystem.
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