Spot Ether ETFs rack up $3B in August as ETH hits yearly high
Spot Ether ETFs are set to record their strongest weekly performance ever, with inflows already surpassing $2.9 billion.
US spot Ether exchange-traded funds (ETFs) recorded more than $3 billion in net inflows in the first two weeks of August, marking their second-strongest monthly performance to date, with more than two weeks left in the month.
According to ETF data tracker SoSoValue, spot Ether (ETH) ETFs are also set to record their strongest week since launch, with more than $2.9 billion in inflows. Since Monday, ETF inflows have averaged over $700 million, with the strongest day being Monday, when the funds saw over $1 billion of inflows.
The ETF surge comes alongside strong performances from its underlying asset in August. On Thursday, ETH prices climbed to a yearly high of $4,765.83. The surge was followed by a sharp drop below $4,500 before recovering. At the time of writing, ETH traded above $4,600, up nearly 20% this week.