On Thursday, US spot Ethereum (ETH) ETFs set a new record, thanks to their 20th consecutive day of positive net inflows. We take a closer look at this performance, which reflects growing adoption.
Ethereum (ETH) ETFs set a new record
Although cryptocurrency prices have been falling since Thursday evening, US spot Ethereum (ETH) ETFs still recorded their 20th consecutive day of net inflows.
This is a double record, with these ETFs gaining nearly $5.4 billion in net assets between July 3 and July 31. This series thus encompasses almost all of the $5.43 billion increase in July:
For the time being, it should be noted that this series is not yet complete, although it could be called into question on Friday due to the fall in the price of ETH. This is because ETH is trading at $3,640 at the time of writing, down 5.8% over the last 24 hours.
For this series to continue, we must therefore hope for a recovery in ETH before 10 p.m. Paris time tonight, or that new subscriptions to these ETFs will be significant enough to tip the balance.
In any case, this new record breaks the previous one set between May 16 and June 12, when these same ETFs had 19 consecutive days of net inflows, totaling more than $1.36 billion.
After a difficult start last year, the cumulative results for these days show a clear acceleration, which began in mid-April:
Since their launch, US spot Ethereum ETFs have accumulated more than $9.64 billion in inflows. To gauge their recent surge in popularity, given that these ETFs were launched just a year ago, more than 74% of their inflows were made during the three months and more than 56% during the month of July alone.
Ethereum ETFs now have total net assets under management of $21.52 billion. As with inflows, the acceleration of this increase has been particularly marked since April, when the figure had fallen to just $5 billion:
In ETH equivalent, this amount of assets under management now stands at around 5.76 million units, or 4.77% of the total number of ETH in circulation.
By way of comparison, it should be noted that despite their very good performance, Ethereum ETFs remain more than seven times less capitalized than their Bitcoin (BTC) competitors.
