The US-based spot Ethereum ETFs (exchange-traded funds) have been some of the brightest spots in the cryptocurrency industry over the past few weeks. In fact, these crypto-linked investment products have delivered one of the best performances across the financial sector in recent times.
According to the President of NovaDiusWealth, Nate Geraci, BlackRock’s iShares ETH ETF recorded the second-highest inflows of more than 4,400 exchange-traded funds in the past week. However, the US-based Ethereum ETFs broke their inflow streak after seeing significant investor withdrawals on Friday, August 29.
Ethereum ETFs Record $1.08 Billion Inflow In Past Week
The latest market data shows that the US Ethereum ETFs registered a daily total net outflow of $164.64 million on Friday. This fresh round of withdrawals marked the end of a six-day inflow streak for the crypto investment funds.
Breaking down the data, Grayscale led the pack on the day, with more than $61.3 million withdrawn from its Ethereum Mini Trust (with the ticker ETH). Meanwhile, Fidelity’s Ethereum Fund (FETH) suffered the second-highest net outflow ($51.02 million) on Friday.
Grayscale’s other Ethereum Trust (ETHE) recorded a total daily net outflow of $28.64 million to close the week. Bitwise Ethereum exchange-traded fund (ETHW) was the only other Ether ETF to record any activity on Friday, posting a total net outflow of $23.68 million on the day.
Despite this negative performance on Friday, the Ethereum ETFs still crossed the $1 billion mark on the weekly timeframe. According to data from SoSoValue, the ETH exchange-traded funds registered a weekly total net inflow of over $1.08 billion over this week.
This $1 billion weekly performance represents a complete turnaround for the Ethereum ETFs, which recorded a weekly total net outflow of $237.7 million in the previous week. It is worth noting that this is the only negative outflow week recorded by the ETH fund since the second week in May.
Ethereum Price Overview
Unsurprisingly, the price of Ether was under pressure for much of Friday, correlating with the negative outflow seen by Ethereum ETFs on the day. This correlation reflects the existing relationship between digital asset prices and their spot exchange-traded funds.
As of this writing, the price of ETH stands at around $4.383, reflecting an over 2% jump in the past 24 hours. However, the second-largest cryptocurrency is still down by more than 8% on the weekly timeframe.
