The US spot Ethereum exchange-traded funds (ETFs) recorded over $3 billion in net inflows in the first two weeks of August, marking its second strongest monthly performance to date, with more than two weeks still remaining in the month.
According to ETF data tracking agency SoSoValue, the spot Ethereum (ETH) ETF is also set to achieve its strongest week since launch, with inflows exceeding $2.9 billion. Since Monday, the average inflow for the ETF has surpassed $700 million, with the strongest day being Monday, when the fund saw inflows of over $1 billion.
The surge in the ETF coincided with strong performance of its underlying asset in August. On Thursday, the ETH price climbed to a yearly high of $4,765.83. The price then sharply dropped below $4,500 before recovering. As of the time of writing, ETH is trading above $4,600, up nearly 20% for the week.
The influx of capital has pushed the total net assets of spot ETF products to a record $29.22 billion, indicating a renewed interest from investors in gaining exposure to ETH through regulated investment mechanisms.
According to SoSoValue, since its launch, the spot Ethereum ETF has attracted a cumulative net inflow of $12.73 billion. This asset class is also on track for five consecutive months of inflows as it heads into September.
On Thursday, the spot ETH ETF recorded a net inflow of $63.96 million. BlackRock's iShares Ethereum Trust (ETHA) led with a net inflow of $51.968 million, while Grayscale's Ethereum Trust (ETH) ranked second in daily inflows, exceeding $60 million.
Fidelity's Ethereum Fund (FETH) ranked third with nearly $57 million in inflows.
The performance of ETH-based ETFs closely followed Wednesday's strong inflow, when $729 million flowed into crypto investment vehicles. This marked the second strongest daily inflow record for the spot Ethereum ETF, only behind Monday's inflow record.
As ETH continues to rise, Thomas Lee, Chief Information Officer of market strategy and research firm Fundstrat, shared a prediction that ETH will become "the largest macro trade" in the next decade.
Meanwhile, the company's head of digital asset research, Sean Farrell, stated that ETH could reach a range of $12,000 to $15,000 by the end of the year, claiming that the asset has "significant upside potential."
Related: Reports indicate that Vietnamese police have cracked down on a multi-billion dollar cryptocurrency Ponzi scheme behind Paynet Coin.
Original: “August Ethereum Spot ETF Attracts $3 Billion, ETH Price Hits Yearly High”
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