The US Spot Ether Exchange-Traded Funds (ETF) experienced net inflows exceeding $3 billion during the first half of August, making it one of its better monthly performances thus far.
ETF data tracker SOSOVALUE indicates that this week might be the strongest since the ETF’s inception, boasting inflows of more than $2.9 billion. Since the start of the week, the average daily inflow has been around $700 million, with Monday marking a peak of over $1 billion.
This surge in inflows coincides with the impressive behavior of ether prices in August. Just recently, ETH hit an annual peak of $4,765.83, before experiencing a drop below $4,500 and subsequently recovering. As of now, it trades above $4,600, reflecting nearly a 20% increase for the week.
The rise in investment has elevated the total worth of the Spot ETF product to an unprecedented $29.22 billion, suggesting a renewed interest among investors seeking regulated exposure to ETH.
Spot Ether ETF Inflows
According to SoSovalue, the Spot Ether ETF has amassed a total net inflow of $12.733 billion since its launch. It seems likely that it will maintain a five-month streak of inflows as it heads into September.
This Thursday, Spot ETH ETFs reported a net inflow of $639.61 million, with BlackRock’s Ishares Ethereum Trust (ETHA) leading the way, drawing in $519.68 million. The Grayscale Ethereum Mini Trust (ETH) followed, pulling in over $60 million.
The Fidelity Ethereum Fund (FETH) rounded out the top three.
Performance in ETH ETFs follows a notable influx from Wednesday, where $729 million entered crypto investment vehicles. This marked the second-largest daily inflow for spot ether ETFs, following Monday’s record inflow.
FundStrat Predicts Future Growth
As Ethereum continues to gain attention, Thomas Lee, the chief information officer at FundStrat, expressed his belief that ETH could represent the biggest macro trade over the next decade.
Sean Farrell, who leads digital asset research at the firm, projected that ETH might reach a price range of $12,000 to $15,000 by the year’s end, suggesting that the asset is backed by “sufficient benefits.”
