US Ethereum ETFs End 19-Day Net Inflow Streak

US-based spot Ethereum exchange-traded funds (ETFs) experienced their first net outflow day after a record-breaking 19-day consecutive inflow streak, according to Farside data.

On June 13, these ETFs recorded net outflows of $2.1 million, marking the conclusion of the longest inflow period since the launch of the products in July 2024.

Streak Breaks Previous High by One Day

The 19-day streak commenced on May 16, spanning across the May 26 US Memorial Day market closure.

ETFs accumulated a total net inflow of $1.37 billion during this 19-day period, constituting approximately 35% of their cumulative inflows since launch. Prior to this, the longest recorded inflow streak for spot Ether ETFs lasted 18 days, ending on December 19 following the 2024 US presidential election results.

Price Performance Lacks Correlation

CoinMarketCap data displays Ether (ETH) trading at $2,552 at the time of writing, a decrease of about 1.44% over the preceding 30 days.

Cryptocurrency analyst ZeroHedge highlighted that despite the record inflow streak, ETH’s price is lower than its $2,620 level on May 16.

Q3 historically presents challenges for Ether performance, registering the lowest average annual returns (0.88% since 2013) compared to other quarters.

Industry Views on Enhancements

Many industry observers believe the inclusion of staking capabilities could significantly boost the appeal of spot Ethereum ETFs. Following comments from BlackRock’s Robbie Mitchnick in March 2024 regarding the perceived limitation of crypto ETFs without staking, this feature has become a frequent topic of discussion.

Growing Optimism Towards Ethereum

Conversely, analysts like Brian Quinlivan from Santiment have expressed increasing optimism. He stated that more attention is shifting towards Ethereum, which has been performing comparatively since market recovery began in mid-April.

In relevant news, sports betting platform SharpLink Gaming recently acquired 176,271 ETH valued at $463 million, becoming the largest publicly traded entity holding Ethereum.

Related: SharpLink Buys $463M in ETH, Becomes Largest Public ETH Holder