Ethereum ETFs experienced their first day of net inflows after facing significant outflows since launch.
BlackRock's ETHA led the charge, followed by Fidelity's FETH, Bitwise's ETHW, and Franklin Templeton's EZET.
Grayscale's ETHE, which had the largest exit of funds, saw a noticeable slowdown.
Experts initially predicted the decreasing outflows from Grayscale.
While it's too early to confirm that the outflows have indeed slowed down, the trend is encouraging.
After a rocky start and massive outflows on launch, the Ethereum ETFs in the US have finally seen their first day of positive net inflows.
This changes a lot about the current ETF market and suggests that better days may already be here.
According to data from Farside Investors, net inflows across all nine ETFs reached a relatively impressive $33.6 million on 30 July.
This inflow, while small, was more than welcome, considering that these exchange-traded products have lost a staggering $547 million since their launch on 24 July.
The Ethereum ETF inflow table
BlackRock’s ETHA led the way, attracting $117.9 million, with Fidelity’s FETH coming In next with $16.4 million.
Next up were Bitwise’s ETHW, with $3.5 million, and Franklin Templeton’s EZET, with $3.7 million.
Grayscale’s ETHE, which has had the worst outflows so far, saw a notable slowdown. Its smallest outflow day was $120.3 million.
Recall that earlier this week, Steno Research analyst Mads Eberhardt predicted that we might be seeing a decrease in outflows from Grayscale—a prediction that now appears to be coming true.
Considering analyst Michael van de Poppe's earlier prediction that Ethereum will reach a major turning point once the Grayscale outflows go below $100 million, the market is starting to show signs of a comeback.
Keep in mind that Grayscale's 30 July outflows are around $120 million—which is above $100 million but still close enough, considering the next lowest was $210 million.
This single day of positive inflow might be the first sign of a shift in investor confidence.
And while it might be too early to conclude that the inflows from here on out will continue to be positive, the data from Tuesday’s trend paints a positive picture for the future.
Ethereum in the charts
According to the charts, Ethereum is still stuck between the $3,000 and $3,500 support and resistance levels and is aiming to break above its 99-day moving average of around $3,330.
In the daily timeframe, the RSI shows neutrality between the bulls and bears, which indicates that the bulls might need to push harder to avoid a sell-off.
Overall, the range between $3,000 and $3,500 should be monitored, as well as what happens with Ethereum around $3,330.
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