Ethereum [ETH] ETF inflows recover: What’s driving the surge?

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Grayscale’s ETHE struggled with outflows while BlackRock’s ETHA saw strong inflows.
ETH’s price trended upward, nearing $3K despite bearish RSI indicators.

After facing a prolonged period of outflows, Ethereum [ETH] Exchange-Traded Funds (ETFs) have shown signs of recovery, with net inflows of $5 million on the 12th of August and an impressive $24.3 million on the 13th of August.

ETH ETF update

Interestingly, Grayscale’s ETHE, a leading Ethereum ETF, briefly interrupted its 19-day outflow streak on the 12th of August, offering a glimmer of hope for a reversal as per Farside Investors.

However, the optimism was short-lived, as ETHE resumed its outflow trend the following day, with a significant $31 million outflow on the 13th of August

Conversely, BlackRock’s ETHA has consistently attracted inflows since its launch, signaling strong investor confidence.

As of the 13th of August, ETHA recorded inflows of $49.1 million, bringing its total inflows to an impressive $950.2 million.

In stark contrast, Grayscale’s ETHE has been grappling with challenges, accumulating total outflows of $2.327 billion, underscoring the divergent performance between these two prominent Ethereum ETFs.

Community weighs in on ETH ETF

Highlighting the overall enhanced performance of ETH ETFs and drawing a comparison to the earlier experience with Bitcoin [BTC] ETFs, Co-BLIVer @nftfnofficial Vikas Singh observed,

Source: Vikas Singh/X

However, X (formerly Twitter) user CryptoMutant believes,

“ETH is taking over BTC.”

How is ETH performing?

Amid this shift, Ethereum’s price also showed positive movement, approaching the $3,000 level.

According to the latest update from CoinMarketCap, ETH has risen by 2.70% over the past 24 hours, trading at $2,722.09.

While the RSI remained below the neutral level, signaling a bearish trend, the widening Bollinger Bands and the price moving within these bands suggest that bulls might soon outpace the bears.