Positive Turnaround for Spot Ethereum ETFs in the US
After four consecutive days of net outflows, spot Ethereum ETFs traded in the US have turned positive. Data shows that spot ETH ETFs recorded a net inflow of $33.67 million on July 30th.
Pressure Eases on Spot Ethereum ETFs
One of the key metrics of the altcoin bull market, spot Ethereum ETFs, has seen the end of pressure. Spot ETFs had recorded a net outflow of $546.42 million in the last four trading days.
The standout data of the day came from BlackRock. BlackRock’s spot ETH ETF, ETHA, recorded a net inflow of $117.98 million. Fidelity (FETH) brought in $16.36 million, while Grayscale Ethereum Mini Trust (ETH) saw a net inflow of $12.36 million.
Grayscale Ethereum ETF (ETHE) was the only negative data of the day with a net outflow of $120.28 million.
Spot Ethereum ETFs Back in Positive Territory
According to SoSoValue data, spot Ethereum ETFs conducted a trading volume of $563.22 million the previous day. The total assets under management for ETFs reached $9.17 billion.
Grayscale Holds $6.77 Billion in ETH
Grayscale currently holds $6.77 billion worth of ETH in its holdings. It is expected that the outflows of funds will continue throughout the month of August. BlackRock, which tolerates Grayscale’s outflows, has the potential to become the number one ETH ETF issuer.
ETH Rises Amid Positive ETF Data
With the turnaround in ETF data, ETH has started to rise. The leader of altcoins has gained nearly 2% in value since the morning hours. Rising from $3,250 to $3,330, ETH could continue its upward trend alongside institutional demand. Future data in the coming days could determine the course of ETH.