Ether jumps 3% as ETH ETFs break 9 days of bleeding

US spot Ether exchange-traded funds (ETF) recorded its fresh hit of inflow, ending a 9-day outflow streak. This was the longest period of continuous outflow seen by ETH ETFs since they launched on July 23. The second biggest crypto also surged by over 3% in the last 24 hours, reflecting the positive momentum building in.

On the same day, Bitcoin spot ETFs faced $105 million in outflows, marking the second consecutive day of negative flow. BTC posted a marginal surge over the last day and is trying to reclaim the $60K price level.

Ether ETFs record $5.8 million inflow

According to the data shared by Sosovalue, Ether ETFs registered a total net inflow of $5.84 million on August 28. This positive flow of funds comes in after a long break of 9 trading days. These investment funds have cumulatively seen $115 million in outflows over the 9 days.

BlackRock’s ETHA led with the $8.4 million inflow after five days of zero movement. It has recorded a net inflow of $1.01 billion till now. Fidelity’s FETH was the other player who printed a green index with $1.26 million. 

Grayscale’s ETHE is the only fund among them all to post an outflow of $3.81 million. The investment fund has seen a cumulative outflow of $2.56 billion.

Ether saw a recovery as the flow of ETH-linked ETFs turned green. The second biggest crypto price jumped by almost 4% over the last day. Meanwhile, it has seen a decline of 24% in the past 30 days. ETH is trading at an average price of $2,550 at press time.

Bitcoin ETFs report consecutive outflows

Spot Bitcoin ETFs are facing a rough patch lately as they posted back to back 2 days of negative flows. BTC ETFs reported $105 million in outflows on August 28 after witnessing $127 million outflowing on August 27. However, no US BTC ETF saw an inflow yesterday.

Ark 21Shares Bitcoin ETF (ARKB) led with a $59.3 million outflow, marking the second consecutive day ARKB has seen high withdrawals. BlackRock’s ETHA inflows on the day crossed $8.4 million, while Fidelity’s FBTC and VanEck’s HODL saw more than $10 million of negative flow for each.

Grayscale Mini (BTC) recorded the first outflow ever of $8.77 million. Its cumulative net inflow stands at $582 million.

Despite the fresh withdrawals seen in the BTC ETF market, the biggest crypto surged marginally. Bitcoin is trading at an average price of $59,625 after facing a decline of 14% in the last 30 days.