US based spot Ethereum ETH
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After six consecutive weeks of negative outflows, exchange-traded funds (ETFs) recorded their highest weekly inflows since early August, with one fund reaching a significant milestone of surpassing $1 billion in net asset value.
According to data from SoSoValue, the U.S.-based spot ether ETF recorded $58.7 million worth of inflows on Friday, leading funds for their first week of net inflows totaling about $84.5 million after six consecutive weeks of weekly net outflows.
Friday’s inflows were led by Fidelity’s FETH fund, which recorded inflows worth $42.5 million, followed by BlackRock’s ETHA fund, which recorded inflows worth $11.5 million. Fidelity had higher daily inflows, but BlackRock’s fund achieved a significant milestone after Friday’s inflows. Within two months of launch, its total net asset value exceeded $1 billion, making it the second fund to reach that value after Grayscale’s Ethereum Mini Trust.
This amount puts BlackRock’s fund in the top 20% of the more than 3,700 ETFs sold in the U.S. market, according to Nate Geraci, president of The ETF Store.
On Friday, Bitwise’s ETHW had inflows of $5.4 million, Invesco’s QETH had inflows of $4.3 million, Grayscale’s ETH had inflows of $2.3 million, VanEck’s ETHV had inflows of $2 million, and 21Shares’ CETH had inflows of $1.4 million. Franklin’s EZET saw no net inflows or outflows, while Grayscale’s ETHE saw $10.7 million worth of outflows.
Three of the five trading days last week brought positive net inflows to the Ethereum fund, making it the second week of positive inflows since the fund launched in late July. The only week of positive inflows was the week of August 9 shortly after the fund was launched, followed by six consecutive weeks of net negative outflows. The fund’s total net asset value now stands at $7.4 billion, the highest since Aug. 26.
After the Federal Reserve’s recent interest rate cut, the price of Ether outperformed the price of Bitcoin as futures traders signaled renewed optimism about the world’s second-largest cryptocurrency by market capitalization. The Block previously reported that transaction fees have also surged as blockchain activity has increased significantly recently.
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