Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Data from Farside Investors reveals interesting figures in the Ethereum ETF sector of the cryptocurrency market. Fidelity Investments has come out on top again in its daily report of institutional interest in the world’s leading altcoin. This follows two consecutive days of no inflows by the U.S. asset management firm.
General inflow trend from ETH ETF issuers
Notably, Fidelity’s Ethereum ETF (FETH) recorded a total inflow of $5 million to take a clear lead on the Ethereum ETF market. The Oct. 28 figures placed Fidelity $2.7 million clear of its closest rival, BlackRock iShares Ethereum Trust (ETHA). BlackRock managed to register an inflow of $2.3 million in a day with little market activity.
Alex DovbnyaGenerally, other asset managers continued their pattern of zero inflows as institutional investors did not take interest in them. These include Bitwise (ETHW), 21Shares (CETH), VanEck (ETHV), Invesco (QETH), Grayscale Mini Trust (ETH) and Franklin Templeton (EZET). All six asset managers suffered three consecutive days of zero inflows.
Grayscale (ETHE), on the other hand, witnessed massive outflows of $8.4 million. This marked ETHE’s second consecutive outflow, as it had suffered a $19.2 million loss the previous day. Some analysts have attributed Grayscale's reoccurring outflows to its high transaction fees.
Ethereum ETF market in red zone
Grayscale’s outflow of $8.4 million dragged the Ethereum ETF into the red zone. The regulated Ethereum fund posted a net outflow of $1.1 million.
Fidelity’s record shows that on Oct. 10, the asset manager recorded an outflow of $3.5 million. Since then, Fidelity has stayed consistent, with inflows or zero flows overall. Market watchers remain interested in Fidelity's performance and whether it can sustain positive inflows.
Godfrey BenjaminMeanwhile, Ethereum has seen an increase in its price performance on the crypto market, climbing by 4.12% to trade at $2,629.70, according to data. The market volume has also surged by 48.48% to $21.42 billion. However, the asset appears unappealing to institutional investors.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov