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In a major milestone, Ethereum ETFs have recorded their first-ever positive weekly flows. According to Arkham Intelligence, the net inflow for ETH ETFs reached an impressive 31,500 ETH, equivalent to $75.07 million, over the past week.
Leading the charge in these inflows was BlackRock, one of the world’s largest asset management firms, accumulating a staggering $168.55 million worth of ETH. The most notable daily on-chain inflow for BlackRock occurred on Aug. 7, when it received $108.02 million of ETH in a single day.
This positive trend in ETH ETF flows is historic, marking a shift in the market sentiment toward Ethereum. Ethereum ETFs officially began trading in the U.S. in late July, marking a huge step in the increased integration of digital assets into mainstream finance.
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The crypto community reacted to Ethereum ETFs’ historic milestone. Crypto analyst Michael Van de Poppe stated in a recent tweet: “The first day of zero outflow on Ethereum has been recorded.This is an important week. If this week is a positive net inflow week of more than $50 million, I think we’re on the edge of having a strong upward trend for the Ethereum ecosystem.”
According to SoSoValue, daily net inflows into U.S.-listed spot Ethereum ETFs reached $4.93 million on Monday. Grayscale’s two funds had no flows, while Fidelity and Franklin Templeton had $3.98 million and $1 million in inflows, respectively, while Bitwise had $2.86 million in positive flows.
Ethereum leads pack as market inflows rebound
According to the most recent CoinShares report, digital asset investment products saw a total of $176 million in inflows over the last week as investors saw recent market weakness as an opportunity to buy.
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Ethereum profited the most from the latest market drop, with inflows of $155 million last week. This increases its year-to-date inflows to $862 million, the biggest since 2021, owing primarily to the recent introduction of U.S. spot-based ETFs.
At the time of writing, ETH was down, alongside the entire crypto market by 1.02% in the last 24 hours to $2,645.
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