Ether (ETH) exchange-traded funds (ETFs), the Cryptocurrency of the Ethereum network, yesterday recorded their best day since they went on the market, with net inflows that exceeded $428 million.
Besides, For the first time, they have accumulated 8 consecutive days with money income.
According to data from SosoValuethe fund that led the inflows was the iShares Ethereum Trust (ETHA), managed by the financial giant BlackRock, which attracted more than $292 million.
For its part, Fidelity’s Fidelity Ethereum Fund (FETH) reported capital flows of $113.6 million, while the Grayscale Ethereum Mini Trust (ETH) recorded inflows of more than $30 million. The Bitwise Ethereum ETF (ETHW), meanwhile, had revenues of $6.5 million.
The Grayscale Ethereum Trust (ETHE) fund was the only one that recorded money outflows of $15 million. The remaining 4 ETFs had no inflows or outflows of capital flows.
Since its market launch in July, The 9 cash funds accumulate more than 1.33 billion dollars.
Entries and exits in ether ETFs since their market launch. Source: SosoValue.
Institutional investment in ETH drives the price of the asset, which in the last 7 days registered a rise of more than 9%, reaching $4,000 for the first time in nine monthsas seen in the following graph of TradingView. Currently, the price is $3,980.
ETH price since 2020. Source: TradingView.
As explained in Criptopedia, the educational section of CriptoNoticias, the performance of the ETFs It directly impacts the price of ether due to its operation. The managers of these financial instruments they must acquire the asset to back their actions, which reduces the amount of ETH available on the market.
By simple law of supply and demand, the purchase of ETH by management companies drives its price up.
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