The Ethereum ETFs, which have had a good run in August, closed out the month with a daily net outflow on August 29. This occurred as the ETH price dropped below $4,300 amid a broader correction in the crypto market.
Ethereum ETFs Record $164 Million In Outflows
SoSo Value data shows that these ETH funds saw $164.64 million in daily net outflows on August 29. Grayscale’s ETH and ETHE funds recorded $61.30 million and $28.64 million in outflows, respectively. Meanwhile, Fidelity and Bitwise’s ETH funds saw outflows of $51.02 million and $23.68 million, respectively.
Meanwhile, the other Ethereum ETF issuers, including BlackRock, saw zero daily net flows. These ETH funds recorded a similar fate to their Bitcoin counterparts, which recorded $126 million in outflows yesterday.
The outflows recorded on August 29 ended a six-day streak of consecutive inflows for these ETH funds, which began on August 21. During the six days, these funds took in a net inflow of almost $1.9 billion.
Meanwhile, these Ethereum ETFs recorded a total net inflow of $3.87 billion in August. This is below the $5.5 billion in net inflows that they recorded in July. These funds recorded more outflows in August than in July, likely due to a wave of profit-taking considering the ETH price’s rally to a new all-time high (ATH) this month.
The Ethereum price rallied to a new ATH of $4,953 on August 24 amid a rally that began over the last three months. ETH is up over 73% in the last 90 days and up 15% in the past month.
Amid these inflows and outflows from the Ethereum ETFs, ETH treasury companies have doubled on their accumulation and are now buying more ETH than Bitcoin treasury companies are buying BTC. Strategic ETH Reserve data shows that these companies currently hold 4.44 million ETH ($19.34 billion), which accounts for 3.67% of the altcoin’s total supply.
Bitcoin Whale Keeps Accumulating More ETH
An ancient Bitcoin whale has also joined the Ethereum ETFs and treasury companies in actively accumulating ETH. On-chain analytics platform Lookonchain revealed that the Bitcoin OG deposited another 2,000 BTC ($217 million) into Hyperliquid and sold it to buy spot ETH.
This comes just a day after CoinGape reported that the Bitcoin whale moved over $1 billion in BTC yesterday and began selling these coins on Hyperliquid to buy more ETH. This whale began buying ETH last week and has now purchased a total of 691,358 ETH ($3 billion), according to Lookonchain.
This buying spree is believed to be in anticipation of the altcoin season, during which Ethereum is likely to lead the way. Moreover, the Fed is expected to make a rate cut at the September FOMC meeting, which would provide a major boost for ETH and other altcoins.
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Source: https://coingape.com/ethereum-etfs-close-out-august-with-164-million-in-outflows/
