The US-based Ethereum ETF (Exchange Trade Fund) has been performing intricately over the past week. Cryptolink products made consecutive withdrawals earlier this week, continuing a disastrous start to August.
However, the US Ethereum ETF didn’t take long to turn its assets and return to the path of positive influx. This change in investor sentiment could be linked to a recent executive order signed by President Donald Trump, allowing crypto investments in retirement (401(k)) plans.
Four-day influx streaks change week for Ethereum ETFS
According to the latest market data, the US Ethereum ETF market was considered to have a total net inflow of $22,234 million on Friday, August 8th. This positive performance of crypto investment products confirmed a return of optimism among US ETF investors.
Sosovalue data shows BlackRock’s Ishares Ethereum Trust (Ticker Etha) witnessed the biggest influx of the day, adding $254.73 million in value on Friday. This inflow round expands the fund’s control as the largest ETH ETF, with net worth under control of $123.5 billion.
The Fidelity Ethereum Fund (Feth) and Grayscale Ethereum Mini Trust (ETH) followed ETHA, with a total net inflow of $132.36 and $38.25 million on Friday, respectively. Grayscale Eth Trust (ETHE) is the only other Ethereum ETF with at least eight digit capital inflows ($26.84 million) to close the week.
Bitwise’s Exchange-Traded Fund (ETHW) and Invesco’s ETH Fund (QETH) were other Ethereum ETFs that recorded positive inflow dates ($7.83 million and $1.22 million, respectively) on Friday. In contrast, others did not record any significant activities that day. This $222 million performance marked a four-day straight net inflow of exchange trade funds.
Source: SoSoValue
Ethereum ETFS registered a massive investor withdrawal at the beginning of the week, totaling $465 million on Monday, August 4th, but the four-day inflow streak was enough to push the weekly record into positive territory. According to market data, the ETH Exchange-Taded fund saw a net inflow of $326.83 million last week.
Ethereum Price Violates $4,200
The strong relationship between Spot Crypto ETF performance and price has been shown again as Eth Price regained its $4,000 level and Ethereum ETF resumed capital inflows. This momentum shift was behind Trump’s executive order on his retirement plan.
At the time of this writing, ETH prices have exceeded $4,200, reflecting an almost 9% increase over the past 24 hours. Meanwhile, Altcoin has increased by more than 21% over the past seven days.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
ISTOCK featured images, TradingView chart
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