Ethereum ETFs See $164M Outflows as ETH Price Corrects
Ethereum ETFs Close August with Significant Outflows
Ethereum ETFs ended August with a net outflow of $164.64 million on August 29, according to SoSo Value data. This comes as the price of ETH experienced a correction, dropping below $4,300 amid broader market volatility.
Breaking Down the Outflows
- Grayscale: ETH and ETHE funds saw outflows of $61.30 million and $28.64 million, respectively.
- Fidelity: ETH funds experienced outflows of $51.02 million.
- Bitwise: ETH funds recorded outflows of $23.68 million.
- BlackRock: Remained neutral with zero daily net flows.
These outflows mirrored a trend seen in Bitcoin ETFs, which recorded $126 million in outflows on the same day.
August's Overall Performance
Despite the late-month dip, Ethereum ETFs saw a total net inflow of $3.87 billion in August. However, this is less than the $5.5 billion in net inflows recorded in July, suggesting profit-taking after ETH's price rallied to a new all-time high of $4,953 on August 24.
Whale Activity and Market Sentiment
Interestingly, while ETFs experienced outflows, some large players are accumulating ETH. Strategic ETH Reserve data indicates that ETH treasury companies hold 4.44 million ETH ($19.34 billion), representing 3.67% of the total supply.
Lookonchain reported that a Bitcoin whale deposited 2,000 BTC ($217 million) into Hyperliquid to purchase spot ETH, adding to a recent buying spree that has accumulated 691,358 ETH ($3 billion). This accumulation may be driven by anticipation of an altcoin season and potential rate cuts by the Federal Reserve.
Disclaimer: The cryptocurrency market is highly volatile and past performance is not indicative of future results. Always conduct thorough research and consult with a financial advisor before making investment decisions.