U.Today - Positive signals have emerged for Ethereum (ETH), hinting at a potential future rally. Ethereum-based spot ETFs have started to gain investor interest this week. According to SoSoValue, these ETFs witnessed daily inflows of $24.34 million on Aug. 13. This was the second consecutive day of inflows, as there were $4.93 million inflows the previous day.
The Total Net Assets of the ETH ETFs now stand at a whopping $7.65 billion, which constitutes 2.36% of the total Ethereum market capitalization. Yesterday, BlackRock’s Ethereum ETF led the market as it got $49.12 million in inflows, with cumulative net inflows of $950.38 million.
Fidelity’s Ethereum ETF followed BlackRock (NYSE:BLK), with inflows of $5.41 million on the same day and cumulative net inflows of $351.1 million. Meanwhile, Grayscale’s ETHE continued its trend of outflows. While its daily outflow was $31.01 million, it had cumulative net outflows of $2.38 billion.
What does it mean for ETH price?
Crypto analysts appreciate these consistent inflows into Ethereum spot ETFs. While they have not witnessed big inflows since their launch, the market expects a gradual surge in trading for these products. Moreover, macroeconomic conditions have halted investor confidence in such assets.As the broader financial situation improves, ETH ETFs can perform better than the current state. Still, some analysts are seeing the current state of inflows as a positive indicator. In fact, it is expected that rising interest in these ETFs has the potential to inject bullish momentum into the ETH price.
Michaël van de Poppe, a renowned crypt trader and analyst, explained that Ethereum ETFs have started to perform consistently, with stable inflows. He predicted that this performance has the potential to continue in the upcoming period, which will coincide with the gradual rise in the price of Ethereum.