BlackRock’s ETHA ETF saw the largest inflow, attracting $8.4 million.
After nine days of net outflows, Ethereum spot exchange-traded funds (ETFs) have seen a net inflow of $5.8 million, which represents the first positive movement.
Among the key players, BlackRock’s ETHA ETF saw the largest inflow, attracting $8.4 million, according to data from SoSoValue.
The $1.3 million inflow from Fidelity’s FETH ETF came next, adding to the overall positive net flow.
On the other hand, despite the overall trend, Grayscale’s ETHE ETF saw a $3.8 million outflow, indicating some persistent selling pressure.
Ethereum spot ETF had a total net inflow of $5.8447 million on August 28, the first net inflow after net outflows in the past 9 days. Grayscale ETF ETHE had an outflow of $3.8112 million, BlackRock ETF ETHA had an inflow of $8.3967 million, and Fidelity ETF FETH had an inflow of…
— Wu Blockchain (@WuBlockchain) August 29, 2024
Ethereum Records Longest Outflow Streak
The net outflows that have been occurring recently have lasted for nine days, which is the longest since the funds’ trading began last month.
After these withdrawals added up, the net flow of Ethereum ETFs during the first five weeks of the fund’s launch was close to $500 million.
JP Morgan analysts had projected lower inflows into Ethereum ETFs than into Bitcoin ETFs, attributing this to lower liquidity and the lack of staking.
They reported that Grayscale’s ETHE outflows had surpassed forecasts, sparking conversations among asset managers regarding the possibility of introducing a combined Ethereum and Bitcoin spot ETF.
On Wednesday, there were difficulties for Bitcoin spot ETFs as well, with a $105 million net outflow.
More precisely, outflows from Grayscale ETF GBTC totaled $7.9796 million, with outflows from Grayscale mini ETF BTC coming in at $8.7716 million and outflows from ARKB coming in at $59.27 million.
BlackRock’s Ethereum ETF Debuts on Brazilian Stock Exchange
In related news, BlackRock is extending its cryptocurrency offerings abroad. On August 28, the company listed an Ethereum ETF on the B3 stock exchange in Brazil.
The ETF is accessible to both retail and institutional investors in the nation and is traded under the ticker ETHA39.
A depositary receipt, a sort of security that represents shares in a foreign company or fund and is usually traded in the local currency and backed by the original asset, is how the Ethereum ETF is made available.
For the Brazilian market, BlackRock’s iShares Ethereum Trust (ETHA) will trade at a third of its initial price, which will increase accessibility for regional investors.
Management fees are set at 0.25% annually, consistent with U.S. rates.
But for the first year, or until the fund’s assets under management reach $2.5 billion, these fees will be lowered to 0.12%.
Launched through a depositary receipt, BlackRock previously introduced its iShares Bitcoin Trust in Brazil before this launch.
Cristiano Castro, director of BlackRock in Brazil, stated that “[IBIT] is the fastest-growing ETF in history over a three-month period, indicating significant pent-up demand.”
Allowing the trading of products related to cryptocurrencies on its stock exchange, Brazil has been a trailblazer.
Brazilian investors now have access to fifteen ETFs or depositary receipts connected to digital assets, thanks to the launch of BlackRock’s Ethereum ETF.
Furthermore, the world’s first spot Solana-based ETF was recently approved by local regulators and is scheduled to launch shortly.