Monochrome Eyes Approval for First Ethereum ETF in Australia by Month’s End
Monochrome’s proposed ETF is a timely intervention. It comes at a time when global interest in Ethereum has lifted up.
Monochrome’s proposed ETF is a timely intervention. It comes at a time when global interest in Ethereum has lifted up.
This massive exodus of capital suggests that investors are gradually withdrawing from the ecosystem. It also coincides with Bitcoin’s struggles to find a support level.
Last week’s overall outflows were largely driven by two funds. Those are Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC).
The outflows from US spot Bitcoin ETFs come at a time when Bitcoin itself is struggling with its price.
Presently, GBTC is struggling to find its standing and return to its previous level of relevance among investors.
So far in 2024, US spot Bitcoin ETFs have had $17.95 billion flow into them.
The eight-day streak in net inflows is a strong indicator that investors are increasingly viewing Bitcoin ETFs as a strategic addition to their portfolios.
This was the highest net inflow recorded by the funds in a single day since July 23.
The inflows into spot BTC ETFs have been very volatile throughout the month of August so far with net inflows turning slightly positive this week due to BlackRock’s IBIT.
While all nine Ethereum ETFs approved have experienced varying degrees of outflows, the Grayscale Ethereum Trust (ETHE) is by far the fund that has lost the most investment.