Ethereum (ETH) exchange-traded funds (ETFs) listed in the U.S. market recorded a capital outflow of $152.3 million (approximately 211.7 billion won) on August 1, ending a 20-day consecutive net inflow streak. This is the largest one-day loss since January 8 this year, and experts analyze that macro issues had an impact.
According to market data provider Parsifal Investors, this outflow is an event that put the brakes on the previously record-breaking inflow trend of Ethereum ETFs. During this 20-day consecutive net inflow period, a total of approximately $5.4 billion (about 7.506 trillion won) was injected into Ethereum ETFs, with an average daily investment of around $270 million (approximately 375.3 billion won).
The previous longest inflow record was a 19-day rally that ended on June 13. During that period, a total of $1.4 billion (about 1.946 trillion won) was injected, with an average daily amount of $73 million (approximately 101.5 billion won), and in December last year, $2.5 billion (about 3.475 trillion won) flowed in over 18 days, recording an average daily amount of $139 million (approximately 192.9 billion won).
James Butterfield, Head of Research at CoinShares, pointed to the Federal Open Market Committee (FOMC)'s statements and positive economic indicators as the background for this large-scale outflow. He analyzed that "strong economic indicators may have temporarily withdrawn funds from risk assets".
The driving force behind this net inflow rally was BlackRock's ($BLK) Ethereum ETF product, ETHA. Bloomberg ETF Senior Analyst Eric Balciunas stated that "ETHA was included in the top 3 ETFs in terms of inflow size for the month of July" and that it raised approximately $4.2 billion (about 5.838 trillion won), accounting for 78% of the total Ethereum ETF inflows.
ETHA has now surpassed a cumulative inflow of $9.7 billion (about 13.493 trillion won). Along with IBIT, a Bitcoin (BTC)-based ETF, and the traditional stock ETF Vanguard S&P500 ETF (VOO), it has established itself as one of the top 3 products showing the strongest flow in the recent ETF market.
The Ethereum ETF market still has strong institutional demand, and the inflow driven by large products like ETHA plays a crucial role in strengthening Ethereum's position as an asset within the institutional framework. Investors are placing weight on the analysis that continuous capital inflows are expected in the long term, even amid short-term adjustments.
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