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The US market for spot Ethereum exchange-traded funds (ETFs) has experienced a change in investor sentiment, with the highest weekly inflows noted since early August.
This increase signifies the conclusion of a six-week period of continuous outflows, indicating a resurgence of interest among investors.
Data from SoSoValue reveals that US-based spot Ethereum ETFs recorded inflows amounting to $58.7 million on Friday alone.
This contributed to a net positive inflow of $84.5 million for the week, ending a six-week trend of net outflows.
Fidelity’s FETH Leads in Terms of Inflows
Fidelity’s FETH fund spearheaded the inflows with a one-day total of $42.5 million, followed by BlackRock’s ETHA fund, which garnered $11.5 million.
While Fidelity’s fund achieved the highest single-day inflow, it was BlackRock’s ETHA fund that reached a significant milestone.
Just two months post-launch, the fund’s total net asset value exceeded $1 billion, making it only the second Ethereum ETF to reach this level, after Grayscale’s Ethereum Mini Trust.
This accomplishment positions BlackRock’s Ethereum ETF among the top 20% of over 3,700 ETFs available in the US market, as highlighted by Nate Geraci, president of The ETF Store.
Other funds also recorded gains on Friday, with Bitwise’s ETHW attracting $5.4 million, Invesco’s QETH bringing in $4.3 million, Grayscale’s ETH logging $2.3 million, VanEck’s ETHV receiving $2.0 million, and 21Shares’ CETH seeing $1.4 million in inflows.
However, not all funds experienced equal benefits; Grayscale’s ETHE faced $10.7 million in outflows, while Franklin’s EZET reported no changes in inflows or outflows.
The renewed inflows were noted on three out of five trading days last week, marking only the second week of positive inflows since these funds were introduced in late July.
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The total net asset value of all Ethereum ETFs currently stands at $7.4 billion, the highest level since August 26.
The recent interest rate cut by the Federal Reserve seems to have enhanced market confidence, as Ethereum’s price has outperformed that of Bitcoin.
Moreover, transaction fees have surged due to heightened blockchain activity, reflecting the increasing interest in the world’s second-largest cryptocurrency by market capitalization.
SEC Postpones Decision on ETH ETF Options
The U.S. Securities and Exchange Commission (SEC) has delayed its decision regarding Nasdaq’s proposed rule change to list and trade options on BlackRock’s iShares Ethereum Trust (ETHA).
Initially anticipated by September 26, the SEC’s decision has now been rescheduled to November 10.
As reported, the agency indicated that the postponement allows for an assessment of the potential implications of such a decision on market stability.
The SEC’s choice to delay is not uncommon.
Under Section 19(b)(2) of the Securities Exchange Act, the regulator is empowered to extend its review period for up to 90 days to thoroughly analyze the potential risks and benefits of the proposal.
This decision follows closely after the SEC approved options trading for BlackRock’s iShares Bitcoin Trust (IBIT), subsequent to amendments addressing concerns regarding market manipulation and excessive risk-taking.
In addition to delaying the ruling on BlackRock’s Ethereum options, the SEC has also postponed its decision on a separate proposal from NYSE American LLC.
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