Ethereum ETFs reach new weekly record

Last week, an impressive $515 million flowed into Ethereum Spot ETFs. Is this a bullish signal for ETH?

After a long period of weakness, U.S. Ethereum ETFs are reporting strong returns. According to data from Farside Investors achieved net inflows of about $515 million in the past trading week - a new record.

While the strong previous week was dominated by the Fidelity Ethereum Fund, this time the iShares Ethereum Trust led the way. BlackRock's ETH product recorded net inflows of $287 million.

Meanwhile, the second-largest cryptocurrency is trading at $3,140, down slightly 0.44 percent from yesterday. Despite the recent successes, the ETH price is still about 10 percent lower than before the ETF's approval in late July.

For the first time, the total balance sheet of Ethereum ETFs is positive. Recent net inflows now put them $178.7 million in the plus. For months, the numbers were pulled down by losses from the Grayscale Ethereum Fund.

Despite outflows of more than three billion dollars since its launch, the Grayscale ETHE remains with a market share of nearly 52 percent the market leader. Currently, the fund manages 1,550,000 ETH worth about $4.87 billion.

Its biggest rival, the iShares Ethereum Trust, now manages nearly 599,000 ETH worth $1.88 billion. If the current trend continues, however, a switch of the market leader might not happen until around the summer of 2025.